- Gold up $7 to $1992
- US 10-year yields down 9.3 bps to 4.57%
- WTI crude oil down $1.64 to $80.83
- S&P 500 up 1.0%
- NZD leads, USD lags
This week marked a flip of the calendar and a flip in markets. Treasury yields plunged and the buck sank together with them. In the meantime, it was once the most productive week for equities in a yr.
Non-farm payrolls and ISM products and services had been each at the susceptible facet and that helped the rage to increase, resulting in one-month highs in cable, EUR/USD and AUD/USD. The strikes had been restricted to round 40 pips straight away after non-farm payrolls however later prolonged as revisions within the record and different main points led the marketplace to worth in 100 bps in Fed cuts subsequent yr.
Obviously momentum was once a part of the equation as USD/JPY fell via 150.00 and persisted to 149.17, completing close to the lows.
CAD lagged fairly together with america buck as Canadian employment softened and oil costs cooled. Hezbollah’s leaders spoke for the primary time and indicated there would possibly not be a 2d entrance within the conflict, taking the geopolitical top rate out of oil. Nonetheless it was once the second one day of sharp decline in USD/CAD.
Total, it was once a full of life week and it is now a great time to take two days and replicate. Remember the fact that US clocks return an hour at the weekend.