Skip to content

XTB TRADEBEAT

Uni Mich comes in inline; US500 looking to end good week on the front foot

Summary:

  • UoM Consumer Sentiment: 98.8 vs 98.4 exp
  • Prior reading revised higher to 98.8 (97.8 previously)
  • US500 touches highest level of the week at 2730

The final economic release of note for the week has shown a slight pick for the US consumer with the Uni Mich figure beating forecasts. The University of Michigan consumer confidence index came in at 98.8, marginally better than the 98.4 expected. The print also included an upwards revision to the prior reading, which now stands at 98.8 after being adjusted up from 97.8.

link do file download link

Uni Mich came in flat at 98.8 and the indicator remains close to its highest level of the decade. Source: XTB Macrobond

The feeling amongst consumers in the US is pretty upbeat of late, with not only the Uni Mich reading near its highest level in several years the Conference Board equivalent is also near record highs. This is obviously good news for the US and in keeping with what you’d expect given the decent economic growth and low levels of unemployment currently seen in the world’s largest economy. 

link do file download link

 The US500 has made good gains this week and currently trades at its highest level in almost 2 months. Source: xStation

The US500 is obviously sensitive to consumer confidence and it has enjoyed a good rise this week, with the market looking set to end at its highest weekly close since March. The market has risen every day since last Friday when price recovered well following the NFP release. In moving higher the market has taken out the swing high seen back in April at 2718 and longs may now have the March high at 2805 in their crosshairs.  

 

 

Disclaimer

This article is provided for general information purposes only. Any opinions, analyses, prices or other content is provided for educational purposes and does not constitute investment advice or a recommendation. Any research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Any information provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

Past performance is not necessarily indicative of future results, and any person acting on this information does so entirely at their own risk, we do not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.