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News Today(11/8): Michigan Consumer Sentiment at 10:00 AM

Highlights:

• The USD drifted higher in the overnight session, which put pressure on the EUR and GBP, though JPY showed resilience. This trend continued into the U.S. session without any particular news driving it. The last three days have seen a lot of volatility, mostly driven by U.S. election flow, which has overshadowed recent jobs and inflation data. This upward move, which began yesterday, might reflect confidence in the U.S. economy, given the better-than-expected U.S. Services PMI on 11/5, steady Jobless Claims on 11/7, a 25bp rate cut by the Fed, and a strong rally in U.S. equities. In contrast, UK and European markets have been underperformed, signaling US growth differential significantly better than other G10 economies.
• U.S. equities continued to rally, led by TSLA, up 10%, which alone added 0.13% to the S&P 500 due to its 1.6% weighting. Notably, TSLA’s 30% surge aligns with Trump’s win and his connections to Musk.
• Michigan Consumer Sentiment (73 vs 71) came in better than expected which further propelled USD to new highs.
  

Sources: Marketwatch(https://www.marketwatch.com/), Reuters(https://www.reuters.com/), finviz(https://finviz.com/), fedwatch-tool(https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html), Tradingview(https://www.tradingview.com/), Sectorspdrs(https://www.sectorspdrs.com/sectorheatmap).