The University of Michigan commented: “This decline was driven in large part by higher-income consumers and those with sizable stock holdings, consis
The University of Michigan commented: “This decline was driven in large part by higher-income consumers and those with sizable stock holdings, consistent with recent weakness in equity markets […] Year-ahead inflation expectations rose from 3.2% last month to 4.2% this month, the highest reading since May 2023.”
U.S. Dollar Index tested session lows near 106.30 after the release of the Michigan Consumer Confidence report. Treasury yieds are mostly flat today, and some traders prefer to take profits off the table near multi-month highs.
Gold remains stuck near the $1985 level. Consumer Sentiment data did not have any impact on gold price dynamics as gold traders remained focused on the developments in the Middle East.
SP500 rebounded towards the 4150 level as traders reacted to the better-than-expected report. SP500 is trying to rebound after a strong sell-off, and it remains to be seen whether it will be able to gain sustainable momentum.
For a look at all of today’s economic events, check out our economic calendar.
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