Analysts at Brown Brothers Harriman wrapped up yields and stock market’s performances in a snap-shot.
Key Quotes:
“US 10-year Treasury yields rose from 1.53% on February 11 to 2.0% before the Fed’s decision this past week. With a weaker US dollar and higher commodity prices, US Treasury yields may not fall much below 1.80% without a new disruption that diminishes the appetite for risk. The June 10-year note futures finished last week near its 20-day moving average (129-15) for the first time in two weeks. Retracement targets are found between 129-25 and 130-30. Technical indicators are constructive.
The S&P 500 rose for a fifth consecutive week. It closed the gap created by the lower opening on the first trading session of the year, and the much-tracked index is higher on the year.
The Japanese Nikkei and German DAX also gapped lower to start the year, but those gaps have not been filled. The S&P 500 is up fractionally on the year. The only other G7 bourse higher on the year is Canada with a 4% rise year-to-date.
The “W” bottom that we had anticipated has a measuring objective near 2100. Since February 11, the S&P 500 has rallied more than 13%.”
(Market News Provided by FXstreet)
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