MNI: FED CHAIR JEROME POWELL SCHEDULED TO SPEAK JULY 2

MNI: BANXICO HOLDS INTERBANK RATE STEADY AT 11.00%

MNI BRIEF: Fed's Bowman Says Policy Appears To Be Restrictive

MNI BRIEF: CNB Cuts 2W Repo Rate By 50Bps To 4.75%

MNI China Daily Summary: Thursday, June 27

MNI BRIEF: China EU In Close Communication - MOFCOM

MNI JAPAN MAY JOBLESS RATE UNCHANGED FROM APRIL AT 2.6%

MNI: FED BALANCE SHEET TOTAL ASSETS -$21B TO $7.231T IN WEEK

US Treasury Auction Calendar

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US Yields the Key Driver, as Stocks Extend Post-Fed Weakness

FOREX
  • The greenback pulled lower to begin the pre-holiday trading week, with the USD Index shedding 0.2% to the benefit of CAD, AUD and EUR. JPY was the poorest performer, however, prompting EUR/JPY to add well over 1% off the overnight Asia-Pac lows.
  • The primary driver for markets Monday were Treasury yields playing catch-up, with the 10y yield adding 11bps to touch the best levels since last week's Fed decision.
  • Yield gains worked against spot gold, which inched to session lows alongside the closing bell in London. Volumes across gold futures ticked higher on the move, but thin volumes and low liquidity were evident, with activity running at 40% below average.
  • Stock markets extended their post-Fed decline, with the e-mini S&P pushing to a fresh December low of 3848.75. This makes for a clean break of the 50-dma at 3906.6, opening November's 3735.00 as the next major support.
  • Focus Tuesday turns to RBA minutes and the Bank of Japan decision slated for release during the Asia-Pac trading day, while US housing starts and building permits make for the focus of the European/US trading day. ECB's Kazimir and Muller make up the speaker slate.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.