Michigan Consumer Sentiment Remains Unchanged At 52.2; SP500 Rebounds Above 5900
Year-ahead inflation expectations rose from 6.5% to 6.6%. Importantly, long-run inflation expectations pulled back from 4.4% in April to 4.2% in May, which was the first decline seen since December 2024.
The University of Michigan commented: “Overall, consumers see the outlook for the economy as no worse than last month, but they remained quite worried about the future.”
U.S. Dollar Index moved away from session highs as traders reacted to the better-than-expected Michigan Consumer Sentiment report. Currently, U.S. Dollar Index is trying to settle back below the 99.50 level.
Gold is trying to rebound from session lows as traders focus on the report. Gold tests the $3285 level after an unsuccessful attempt to settle below the $3275 level.
SP500 climbed back above the 5900 level after the release of the Consumer Sentiment report. The better-than-expected consumer sentiment data may provide additional support to stocks in today’s trading session.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally published by a www.fxempire.com
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