Data released by the University of Michigan moments ago showed that the US consumer confidence index for July rose by 10% to its highest level since February, reaching 54.4 points, compared to a revised 49.5 in June. This exceeded expectations, which had anticipated a rise to 51 points.

Specifically, the index measuring current economic conditions rose by 15.1% to 54.9 points from 47.7, while the expectations index climbed to 54 from 50.7. Inflation expectations for next year also declined, from 4.6% to 4.2%, as fuel price pressures eased in recent weeks.