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, in the U.S. market, the three major 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 $72.9, while gold rebounded and recovered to 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 posted significant gains, the USD/JPY pair faced resistance at higher levels and closed with a bullish doji with an upper shadow on the daily chart.From a technical perspective, USD/JPY broke above its recent high of 114.27 on the 4-hour chart and touched 114.37 before falling back; 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, at 16:00 European time, Germany’s Import Price Index will be released, followed by Canada’s GDP at 22:30 U.S. time,U.S. initial jobless claims, U.S. durable goods orders, U.S. personal income, and the U.S. core PCE deflator are scheduled for 22:30 during U.S. trading hours; U.S. new home sales and the University of Michigan Consumer Sentiment Index are scheduled for 24:00; and U.S. weekly natural gas inventories are scheduled for 24:30.We will be keeping a close eye on whether any major changes occur before the Christmas holidays in Europe and the U.S.
Author: Keisuke Sakurai
