- UoM Consumer Sentiment: 98.8 vs 98.4 exp
- Prior reading revised higher to 98.8 (97.8 previously)
- US500 touches highest level of the week at 2730
The final economic release of note for the week has shown a slight pick for the US consumer with the Uni Mich figure beating forecasts. The University of Michigan consumer confidence index came in at 98.8, marginally better than the 98.4 expected. The print also included an upwards revision to the prior reading, which now stands at 98.8 after being adjusted up from 97.8.
Uni Mich came in flat at 98.8 and the indicator remains close to its highest level of the decade. Source: XTB Macrobond
The feeling amongst consumers in the US is pretty upbeat of late, with not only the Uni Mich reading near its highest level in several years the Conference Board equivalent is also near record highs. This is obviously good news for the US and in keeping with what you’d expect given the decent economic growth and low levels of unemployment currently seen in the world’s largest economy.
The US500 has made good gains this week and currently trades at its highest level in almost 2 months. Source: xStation
The US500 is obviously sensitive to consumer confidence and it has enjoyed a good rise this week, with the market looking set to end at its highest weekly close since March. The market has risen every day since last Friday when price recovered well following the NFP release. In moving higher the market has taken out the swing high seen back in April at 2718 and longs may now have the March high at 2805 in their crosshairs.