Current economic conditions improved from 63.3 in September to 64.9 in October, while the Consumer Expectations Index fell from 74.4 to 74.1.
Inflation expectations for the coming year remained unchanged at 2.7%, within the range of 2.3 – 3.0% in the two years prior to the pandemic. Long-term inflation expectations fell from 3.1% in September to 3.0% in October.
The US Dollar Index fell around the 104.00 level as traders reacted to the Consumer Sentiment report. Treasury yields are falling, but this move is not putting pressure on the US currency.
Gold climbed above the $2735 level as traders focused on falling Treasury yields. From an overall perspective, gold markets are in a strong bullish trend, so it remains to be seen whether consumer confidence data will have a material impact on gold prices.
SP500 tested new highs after releasing the better-than-expected report. Currently, SP500 is trying to settle above the 5870 level.
Check out our economic calendar for an overview of all today’s economic events.