Consumer confidence in the US improved slightly to start the year, with the University of Michigan's Consumer Sentiment Index rising to 54 in January's preliminary reading, from 52.9 in December. This print came in slightly better than the market expectation of 53.5.

The Consumer Expectations Index rose to 55 from 54.6 in this period, while the 1-year Consumer Inflation Expectation remained unchanged at 4.2%. Finally, the 5-year Consumer Inflation Expectation edged higher to 3.4% from 3.2%.

Market reaction

The US Dollar Index gains traction following this report and trades at its highest level in a month at 99.25, rising 0.4% on the day.