Michigan 5-Year Inflation Expectations comes in at 3.3% against 3.4% consensus
| Pair | Now | Since publish |
|---|---|---|
| EURUSD | — | — |
| USDJPY | — | — |
Michigan 5-Year Inflation Expectations for the US Dollar came in at 3.3% on July 17, 2026. This figure was below the consensus expectation of 3.4%, representing a surprise of -2.9%. The actual print matched the previous release of 3.3%.
The initial market reaction was relatively subdued across major USD pairs and gold. Fifteen minutes after the release, AUDUSD was down 0.1 pips, EURUSD was up 0.2 pips, and GBPUSD was down 1.7 pips. NZDUSD moved down 2.0 pips, while USDCAD was up 1.3 pips. USDCHF showed no change at 0.0 pips, and USDJPY was down 1.1 pips. XAUUSD registered a -0.2 pip move. These measured moves are small when compared to the typical median 1-hour moves for these pairs, which range from 7 to 29 pips after past releases of this event.