Key Insights
Michigan Consumer Sentiment improved from 69.7 in December to 79 in January.
Current Economic Conditions increased from 73.3 to 81.9.
Factory Orders increased by 0.2% month-over-month in December.
On February 2, 2024, the University of Michigan released the final reading of the Michigan Consumer Sentiment report for January. The report indicated that Consumer Sentiment increased from 69.7 in December to 79 in January, compared to analyst consensus of 78.9.
Current Economic Conditions improved from 73.3 in December to 81.9 in January, while Index of Consumer Expectations grew from 67.4 to 77.1.
The University of Michigan commented: “After reserving judgment last fall about whether the slowdown in inflation would persist, consumers now feel assured that inflation will continue to soften.”
Today, traders also had a chance to take a look at the Factory Orders report for December. The report showed that Factory Orders increased by 0.2% on a month-over-month basis, in line with the analyst consensus.
U.S. Dollar Index tested new highs after the release of the Consumer Sentiment report. Currently, U.S. Dollar Index is trying to settle above the 103.85 level. Traders buy U.S. dollar after the strong Non Farm Payrolls report. The better-than-expected Consumer Sentiment report may provide additional support to the American currency.
Gold settled near the $2030 level as traders focused on dollar’s rally. Rising Treasury yields put additional pressure on gold markets.
SP500 has recently rebounded towards the 4920 level after an unsuccessful attempt to settle below 4900. The strong economic reports put pressure on SP500 as traders focused on rising Treasury yields.
For a look at all of today’s economic events, check out our economic calendar.
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