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US: CB Consumer Confidence Index declines to 117 2 in May vs 119 2 expected

5/25/2021 2:07:15 PM GMT | By Eren Sengezer CB Consumer Confidence Index fell modestly in May. US Dollar Index stays relatively quiet below 90.00 after the data. Consumer confidence in the US weakened modestly in May with the Conference Board s Consumer Confidence Index declining to 117.2 from 117.5 in April (revised from 121.7). This reading came in worse than Reuters estimate of 119.2. Further details of the publication showed that the Present Situation Index improved to 144.3 from 131.9 and the Consumer Expectations Index fell to 99.1 from 107.9. Finally, the One-year Consumer Inflation Rate Expectations increased to 6.5% from 6.2% in April. Market reaction This report doesn t seem to be having a noticeable impact on the greenback s performance against its major rivals. As of writing, the US Dollar Index was losing 0.15% at 89.70.

Gold Weekly Forecast: XAU/USD snaps three-week winning streak, looks to test $1,760

Following 4/30/2021 9:55:43 PM GMT Gold turns south as US T-bond yields gain traction. Upbeat US data helps USD gather strength in the second half of the week. Initial support for gold aligns at $1,760 ahead of $1,740.   The XAU/USD pair failed to break above $1,800 in the previous week and opened in a calm manner on Monday as investors stayed on the sidelines ahead of key macroeconomic events of the week. After fluctuating in a relatively tight range around $1,780, the pair lost its traction on Thursday and dropped to its lowest level in two weeks at $1,756. With the US preserving its strength ahead of the weekend, XAU/USD struggled to stage a convincing rebound and closed the week in the negative territory below $1,770.

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