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Sour 5y Auction Tipping 10y Yield Back Toward 5%

CROSS ASSET
  • The US 10y yield is again narrowing in on 5.00% (overnight high at 4.981%), helping underpin the greenback in FX: the USD Index has shown through the Oct13 high of 106.787, opening next resistance at the 76.4% retracement for the October downleg. The weakness across Treasury futures was compounded late yesterday by the poor 5y auction, which saw soft demand and a sizeable tail.
  • The re-steepening of the US curve is helping drive the move in USD/JPY (again pressing new highs at 150.65) while weighing on equity markets. The three main US indices are softer by 0.3-1.1%, with European stock futures pointing to a lower open of 0.7-1.0% at the bell.
  • Earnings are adding to the theme, with Meta Platforms (Facebook) missing forecast after the close and trading lower by 3.4%. European reports have been similarly shaky, with Mercedes-Benz, Unilever, Standard Chartered, WPP and others all missing expectations.
  • Focus turns to two key releases today: the advance Q3 GDP release (Exp. 4.5%, Prev. 2.1%) and the ECB rate decision, at which no change is rates is expected, with focus to shift to the outlook for PEPP, reserve remuneration and the timing around a first rate cut. Full preview here: https://roar-assets-auto.rbl.ms/files/56338/ECB%20...

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeCommoditiesEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Homepagemarkets-real-timeCommoditiesEquitiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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