The US economy released the preliminary reading of the University of Michigan Confidence index were it came higher than both previous and expected readings at 69.6, the reading climbed from the previous 67.8 and exceeded the expected 69.0 reading.

Economic Conditions climbed in August reaching 78.3, higher than June's 76.5, and Economic outlook improved to climb from 62.3 and reach 64.1.

Inflation expectations for one year climbed in August to reach 2.8% compared with June's 2.7%, while five year inflation expectations fell from 2.9% to 2.7%.