Current Economic Conditions declined from 64.9 in October to 64.4 in November, while Index of Consumer Expectations improved from 74.1 to 78.5.
The University of Michigan commented: “Expectations over personal finances climbed 6% in part due to strengthening income prospects, and short-run business conditions soared 9% in November.”
Year-ahead inflation expectations declined from 2.7% in October to 2.6% in November. Meanwhile, long-run inflation expectations increased from 3.0% to 3.1%.
U.S. Dollar Index gained ground as traders reacted to the better-than-expected Michigan Consumer Sentiment index report. Currently, U.S. Dollar Index is trying to settle above the 104.75 level.
Gold pulled back below the $2690 level after the release of the report. Traders focused on stronger dollar, which is bearish for gold.
