BREAKING: US Consumer sentiment rebounded to 3-month high!

Preliminary University of Michigan Sentiment Index rose to 55,1 from 51,5 in July and it is highest in 3 months. Moreover, inflation expectations decreased to 5% over the year (from 5,2% in July) and long-term inflation expectations are slightly higher at 3% in comparison to 2.9% in July.

The gain in sentiment was driven solely by a pickup in the outlook which is at 54.9 in comparison to 47.3 in July. Current conditions are slightly lower and came at 55.5 from 58.1.

However, US500 pares initial gains after the release, due to slightly higher inflation expectations over a long term. US500 is still above crucial support of 50% Fibo retracement of downward wave from the first half of the year. 

Source: xStation5