Results from the Thompson Reuters/University of Michigan consumer confidence index jumped in the month of December as consumer expectations subindex readings helped to buoy the headline figure.  The leading index report showed a preliminary result of 67.7 this month, compared to a 64.1 reading in November.  The latest result also jumped above estimates of a 65.8 showing.

According to the private report, current condition readings rose slightly as consumers were only a bit more optimistic than they were in November.  The current component reading improved to 77.9 from November’s 77.6.  This is being compared to forward looking expectations that jumped on an improved sense of the country’s labor market and economic prospects in the coming two quarters.  Future expectations readings by consumers rallied to 61.1, above the 55.4 in the previous month.  Consumer expectations on inflation were muted this month, as individuals saw price increases being contained to a 3.1% increase compared to previous estimates of a 3.2% rise.

All in all, the Michigan survey is helping to add to overall brighter tones on the market today – helping to boost higher risk currencies like the Euro and Australian dollar against the greenback.  However, with today’s release being a preliminary reading, the good vibes may only be temporary as traders look head to the final reading later this month.