At current levels, sentiment is 8% stronger than a year ago and about 40% above the bottom reached in June 2022.
Current economic conditions fell from 63.3 in September to 62.7 in October, while the Consumer Expectations Index fell from 74.4 to 72.9.
The University of Michigan noted, “With the upcoming election looming, some consumers appear to be withholding judgment about the longer-term trajectory of the economy.”
The US Dollar Index fell around the 102.90 level as traders reacted to the Michigan Consumer Sentiment report. The US Dollar Index has been swinging back and forth following the release of PPI data, and it remains to be seen whether the Consumer Sentiment report will serve as a major catalyst for the US currency.
Gold continued its attempts to settle above the USD 2650 level. Demand for safe-haven assets is rising due to geopolitical tensions, which are bullish for gold markets.
SP500 tested new highs and climbed above the 5810 level as traders reacted to the weaker-than-expected report.