The University of Michigan commented: “Despite reporting stronger incomes this month, concerns about unemployment rose; about 47% of consumers expect unemployment to rise in the year ahead, the highest since the pandemic recession.”
Year-ahead inflation expectations increased from 2.8% in December to 3.3% in January, which is the highest reading since May 2024. Long-run inflation expectations grew from 3.0% to 3.2%.
Today, traders also had a chance to take a look at the Existing Home Sales report for December. The report showed that Existing Home Sales increased by 2.2% month-over-month, compared to analyst forecast of +0.3%.
U.S. Dollar Index remained under pressure as traders reacted to Consumer Sentiment data. Currently, U.S. Dollar Index is trying to settle below the 107.40 level.
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