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Markets:
- Gold down $3 to $1958
- US 10-year yields down 1 bps to three.73%
- Bitcoin down 2.3% to $25,833
- WTI crude oil down 3.10 to $67.07
- S&P 500 up 0.8% and Nasdaq up 1.5%
- AUD leads, CHF lags
In concept as we speak was a prep day as a result of the following three US buying and selling days function: CPI, FOMC and retail gross sales. However it wasn’t precisely quiet as shares began flat however steadily gathered momentum. On the opposite facet was the oil market, which wilted to the bottom since Could 4.
It wasn’t quiet in FX both with the US greenback falling in early European buying and selling solely to provide all of it again later. The fastened revenue market helped to gasoline that as UK gilt yields hit a cycle excessive. That despatched cable to 1.2600 just for Treasury yields to later rise and pull the pair again to 1.2500.
But in bonds that transfer additionally light and yields completed the day decrease, forward of what is going to certainly be a y/y drop in US inflation tomorrow.
Commodity currencies are principally flat and the loonie was in a position to impressively shrug off the drop in oil costs. The chance although is {that a} delayed response is coming as soon as we get by way of this week’s information.
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