Category: Forex News

CB Consumer Confidence Falls To 104.7, Missing Analyst Expectations

The report showed that confidence rose among consumers aged 55 and over but declined for younger consumers. The only income group that reported lower confidence in March was the $50,000 – $99,999 income group.

The Conference Board commented: “Consumers remained concerned with elevated price levels, which predominated write-in responses. March’s write-in responses showed an uptick in concerns about food and gas prices […]”

U.S. Dollar Index settled near the 104.15 level as traders reacted to the CB Consumer Confidence report. From a big picture point of view, U.S. dollar continues to move away from multi-week highs as traders take some profits off the table after the recent rally.

Gold is trading near the $2185 level after an unsuccessful attempt to settle above the psychologically important $2200 level. Gold traders stay focused on rising geopolitical tensions, so it remains to be seen whether CB Consumer Confidence data will have any impact on gold market dynamics.

SP500 settled near the 5240 level after the release of the weaker-than-expected report.  The tech-heavy NASDAQ continued its attempts to climb above the key resistance level at 18,400.

For a look at all of today’s economic events, check out our economic calendar.

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