UoM consumer sentiment survey drops unexpectedly

The University of Michigan released its preliminary survey on consumer sentiment, with a drop to 93.1 in July from 95.1 in June, missing expectations of no change. 

As of 04:31 GMT, the dollar index, tracking the greenback against six major rivals, slid to 95.20 from the opening of 95.76, with an intraday low at 95.19, and a high at 95.83. 

The current economic conditions index in the same survey rose to 113.2 from 112.5 in June, while economic expectations fell to 80.2 from 83.9. 

One-year inflation expectations rose to 2.7% from 2.6%, while five-year inflation rose to 2.6% from 2.5% in June.