“Consumers earning less than $50,000 experienced the largest decrease in confidence.”, — write: www.fxempire.com
The Conference Board commented: “The deterioration across the Index’s main components likely reflected consumers’ concerns about the labor market and reactions to fewer hours, slower payroll increases, fewer job openings – even if the labor market remains quite healthy, with low unemployment, few layoffs and elevated wages.”
U.S. Dollar Index tested session lows as traders reacted to the weaker-than-expected CB Consumer Confidence report. Currently, U.S. Dollar Index is trying to settle below the 100.60 level.
Gold tested new highs at $2640 as traders focused on U.S. dollar’s pullback. From a big picture point of view, gold traders remain bullish amid rising geopolitical tensions.
SP500 pulled back towards the 5720 level after the release of CB Consumer Confidence data. Stock traders are worried about the potential slowdown of the economy and continue to take profits near all-time highs.
For a look at all of today’s economic events, check out our economic calendar.