Current economic conditions fell from 64.9 in October to 64.4 in November, while the Consumer Expectations Index improved from 74.1 to 78.5.
The University of Michigan noted, “Personal finance expectations rose 6%, partly due to better income prospects, and near-term conditions rose 9% in November.”
Inflation expectations for the coming year fell from 2.7% in October to 2.6% in November. Meanwhile, long-term inflation expectations rose from 3.0% to 3.1%.
The US Dollar Index gained ground as traders reacted to the better-than-expected Michigan Consumer Sentiment index report. Currently, the US Dollar Index is trying to settle above the 104.75 level.
Gold fell below the $2690 level after the release of the report. Traders focused on a stronger dollar, which is bearish on gold.
SP500 made an attempt to settle above the psychologically important 6000 level as traders focused on consumer sentiment data. However, SP500 failed to gain enough momentum and retreated below the 5990 level.