Category: Forex News

Michigan Consumer Sentiment Drops To 76.5, Missing Analyst Expectations

At current levels, Michigan Consumer Sentiment is almost 25% above the levels seen in November 2023.

The University of Michigan commented: “After strong gains between November 2023 and January 2024, consumer views have stabilized into a holding pattern; consumers perceived few signals that the economy is currently improving or deteriorating.”

U.S. Dollar Index settled near the 103.40 level after the release of Michigan Consumer Sentiment report. Treasury yields are moving higher as bond traders react to the recent CPI and PPI reports, which exceeded analyst expectations. U.S. dollar has also started to move higher in recent trading sessions, but it remains to be seen whether Consumer Sentiment data would provide additional support to the American currency as it shows that consumers’ views on the economy were mostly unchanged.

Gold is mostly flat, trading near the $2160 level. Demand for precious metals stays strong, so gold traders have mostly ignored the recent developments in the bond markets.

SP500 made an attempt to settle below the 5120 level after the release of Consumer Sentiment data. The index remains under pressure as traders take some profits off the table near historic highs.

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


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