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Dell (DELL.N) shares rose to 10%.On September 11th, the preliminary reading of the University of Michigan Consumer Sentiment Index for September came in at 47.8, marking the second consecutive monthly decline, though the drop was less than 4 points. Both Democrats and Republicans saw significant declines, while independents remained largely unchanged from August. Expectations for personal finances and business conditions over the next year fell sharply. With rebounding fuel prices and escalating trade tensions, consumers anticipate greater pressure on their wallets in the future. Five-year expectations for business conditions remained stable, but the reading was well below historical averages, suggesting that consumers believe the new risks emerging this month may not further worsen the long-term outlook. Overall, consumer confidence is currently 16% lower than before the start of the Iran conflict in February and 13% lower than a year ago. Inflation expectations for the next year jumped to 4.6% this month from 4.0% last month, the highest reading since June. The current reading significantly exceeds the 3.4% in February before the Iran conflict and also surpasses all readings for 2024. Long-term inflation expectations rose slightly to 3.4%, ending three consecutive months at 3.3%. These expectations remain above the 2.8% to 3.2% range for 2024.The preliminary reading for the U.S. five- to ten-year inflation rate in September was 3.4%, compared to a forecast of 3.3% and a previous reading of 3.30%.The preliminary reading for the US one-year inflation rate in September was 4.6%, down from the expected 4.2% and the previous reading of 4.00%.The preliminary reading of the University of Michigan Consumer Sentiment Index for September was 47.8, below the expected 51 and the previous reading of 51.7.

XAU/USD faces barriers around $1,770 ahead of data on US inflation estimates, according to the gold price forecast

Daniel Rogers

Dec 07, 2022 14:57

In the Asian session, the gold market (XAU/USD) noticed selling action near the $1,770.00 immediate barrier. The US Dollar Index (DXY) has widened its upward trajectory above a four-day high at 105.60, putting the precious metal under pressure.

 

After a sell-off that continued for the second trading session, S&P500 futures are significantly worse, indicating that investors are currently taking a risk-averse stance. The 10-year US Treasury yields have partially recovered their losses and are currently at 3.56% as of the time of publication.

 

The market has become pessimistic due to recent indicators of a comeback in inflation following the resilience displayed by the US economy in November through services and labor demand. This has increased the possibility that the Federal Reserve (Fed) would give higher interest rate peak guidance at its monetary policy meeting next week.

 

Prior to that, however, consumer inflation predictions over the next five years took center stage. Since inflation has already shown signals of slowing, long-term inflation expectations are still anchored. The forward-inflation data had previously come in at 3%.

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