The University of Michigan noted: “Despite the fact that higher incomes were reported this month, concerns about unemployment increased; About 47% of consumers expect unemployment to rise in the coming year, the highest level since the pandemic recession. ”
The inflation expectations for the coming year increased from 2.8% in December to 3.3% in January, which has been the highest figure since May 2024. The inflation expectations in the longer term increased from 3.0% to 3.2%.
Today, traders also had the opportunity to view the report of existing houses sales for December. The report shows that the sales of existing houses month-on-month have risen by 2.2% compared to the prediction of analysts of +0.3%.
The US Dollar Index remained under pressure because traders responded to data about consumer confidence. The US Dollar Index is currently trying to settle below the level of 107.40.
Gold rose again above the level of $ 2780, while Traders concentrated on the consumer sentiment report. From a broader perspective, gold moves towards historical highlights.
SP500 withdrew from session heights when Traders responded to economic data. SP500 is currently trying to settle down below the 6120 level.