The Conference Board commented: “Looking ahead, fewer consumers expected deterioration in future business conditions, job availability, and income, resulting in an increase in the Expectations Index.”
According to the report, the Perceived Likelihood of a US Recession over the Next 12 Months increased in May as more consumers believed that recession was ‘somewhat likely’ or ‘very likely’.
U.S. Dollar Index made an attempt to settle above the 104.50 level as traders reacted to the better-than-expected CB Consumer Confidence report. Strong Consumer Confidence data is bullish for the American currency.
Gold pulled back from session highs as traders focused on the rebound of the U.S. dollar and rising Treasury yields. Currently, gold is trading near the $2350 level.
SP500 pulled back towards the 5300 level as traders reacted to the report. Strong Consumer Confidence data may serve as a bearish catalyst for SP500 and other major indices as it reduces chances for a rate cut in the near term.
For a look at all of today’s economic events, check out our economic calendar.