investingLive Americas market news wrap: US consumer confidence falls to 11-year low
2026-01-27 21:12:00
Markets:
- Euro rises to highest since 2021
- Gold hits record $5151
- Silver up $6.40 to $110.36
- WTI crude up $1.68 to $62.31
- US 10-year yields up 1.6 bps to 4.22%
- S&P 500 up 0.4%
- CHF leads, USD lags
Late in the day we’re getting a headline from Trump who says “the dollar is doing great”.
I wouldn’t characterize it that way as the dollar index trades at the lowest since 2022 and the euro flirts with 1.20 for the first time since 2021. One of the catalysts was today’s consumer confidence number, which was shockingly poor. Now the correlation with consumer sentiment numbers and spending isn’t what it used to be but it’s certainly not good.
Trump went on to say “I don’t think the dollar has declined too much” and in the FX market’s way of looking at things, that almost sounds like cheering the dollar lower.
It also came at a vulnerable time with the euro teetering on 1.2000. it busted above afterwards and quickly ran stops to 1.2078. Similarly, the Australian dollar broke 0.7000.
Eyes remain on USD/JPY but the yen was a mid-performer today as all the weakness came from the US dollar side as it fell more than 1% across the board.
It’s no surprise then that gold hit a new record at 5186. Early in the day it looked like we might get a larger retracement but $5000 held on the downside and a poor consumer confidence number hurt the dollar.
Eyes will now shift to the Fed and Bank of Canada rate decisions on Wednesday.
