The report indicated a fourth straight month of reduced consumer confidence.
On November 22, the University of Michigan published the final data for the Michigan Consumer Sentiment report for November. The report revealed that in November, Consumer Sentiment dropped from 63.8 in October to 61.3, surpassing the analyst consensus of 60.5.
Current Economic Conditions fell from 70.6 in October to 68.3 in November, and the Index of Consumer Expectations dipped from 59.3 to 56.8.
The University of Michigan stated, "Younger and middle-aged consumers showed significant declines in their economic outlook this month, while sentiment among those aged 55 and older improved compared to October."
Today, Treasury yields are on the rise, with 2-year Treasuries settling near 4.92% and 10-year Treasuries surpassing the 4.41% level.
Following the release of the favorable Consumer Sentiment report, the U.S. Dollar Index tested session highs. Traders are speculating that the U.S. dollar will rebound after its recent decline.
Gold has retreated below the important $2000 level, influenced by a stronger dollar and increasing Treasury yields, which is negative for gold and other precious metals.
Although the general market sentiment remains bullish, the S&P 500 is moving away from session highs. It appears that some traders are opting to take profits ahead of the holiday.
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