All eyes on the University of Michigan Consumer Sentiment Index
23.12.2021
- University of Michigan Consumer Sentiment Index
- U.S. Weekly Natural Gas Inventories
Yesterday, the three major U.S. stock indices all extended their gains, resulting in a market environment characterized by rising stock prices, falling interest rates, and higher crude oil prices.WTI crude oil continued to rise, trading around $72.90, while gold rebounded to reclaim the $1,800 level, currently trading in the $1,805 range. The U.S. December Consumer Confidence Index, released yesterday, came in at 115.8, exceeding the market forecast of 111.0, indicating an improved outlook for employment and the economy.
In the foreign exchange market, while cross-yen pairs saw significant gains, the USD/JPY pair faced resistance at higher levels and closed with a bullish doji candle featuring an upper shadow on the daily chart. Technically, the USD/JPY pair broke above its recent high of 114.27 on the 4-hour chart, touched 114.37, and then fell; on the hourly chart, it is beginning to form a head-and-shoulders pattern. We will wait and see if any movement occurs during U.S. trading hours.
Today, the German Import Price Index is scheduled for 4:00 PM European time, followed by Canadian GDP, U.S. Initial Jobless Claims, U.S. Durable Goods Orders, U.S. Personal Income, and the U.S. Core PCE Deflator at 10:30 PM U.S. time. At midnight, U.S. New Home Sales and the University of Michigan Consumer Sentiment Index are scheduled, with U.S. Weekly Natural Gas Inventories set for 12:30 AM.We will be watching closely to see if any major changes occur before the Christmas holidays in Europe and the U.S.
Author: Keisuke Sakurai
