Michigan Inflation Expectations comes in at 4.2% against 4.7% consensus

Michigan Inflation Expectations for July 2026 came in at 4.2%, according to data released today. This figure was lower than the consensus expectation of 4.7%, representing a surprise of -10.6%. The previous month’s reading was 4.6%.

Measured market reaction in the 15 minutes following the release showed limited movement across major pairs. AUDUSD moved -0.1 pips, EURUSD moved +0.2 pips, and GBPUSD moved -1.7 pips. NZDUSD saw a -2.0 pip change, while USDCAD moved +1.3 pips. USDCHF was unchanged at 0.0 pips, and USDJPY moved -1.1 pips. XAUUSD registered a -0.2 pip change. These initial moves are small when compared to the typical median 1-hour moves for these pairs, which range from 7 to 29 pips after past similar releases.