US Dollar Falls, US Treasuries Dive

US Dollar Falls, US Treasuries Dive

US Dollar (.DXY) Index

.DXY fell Wednesday despite the Buck gaining against all majors but EUR. The single currency makes up about 60% of the index

• EUR/USD: +0.85% to 1.1248
  • Eurozone unemployment fell by 130-K in April and the unemployment rate declined to 11.1% from 11.2% in March. The market had been looking for the UE rate to remain at 11.1%
  • Eurozone Retail Sales grew 0.7% M-M in April, in line with expectations and  better than the 0.6% decline in March
• GBP/USD: -0.18%
  • In the UK, the Services PMI for May missed market expectations for a reading in the high 50’s, instead showing 56.5 Vs 59.5 in April
  • The Bank of England (BOE) is set to leave interest rates unchanged at its Monetary Policy Committee meeting Thursday
• USD/JPY: +0.28% to 124.38
• USD/CHF: +0.27% to 0.9357
• USD/CAD: +0.44% to 1.2465
• AUD/USD: +0.06% to 0.7771
• NZD/USD: -0.39% to 0.7136

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US Treasury Complex

The US Treasury Complex lost ground for the 3rd day running as European sovereign debt led government bonds of all countries South. The 2-yr T-Note was spared most of the losses, but 10 and 30-yr yields made fresh 6-month highs

• Yield
  • 2-yr: +2 bpts to 0.68%
  • 5-yr: +8 bpts to 1.69%
  • 10-yr: +11 bpts to 2.37%
  • 30-yr: +10 bpts to 3.11%

• News
  • The MBA Mortgage Index rose 7.6% for the week of 30 May Vs. a fall of 1.6% for the prior week
  • The trade deficit fell to $40.9-B  in April from a revised $50.6-B from $51.4-B in March, the consensus expected the trade deficit to decline to $44.0-B
  • The May ADP Employment Change was 201-K, in line with the consensus at 200-K and better than the prior reading of 165-K, that revised from 169-K
  • The ISM Non-manufacturing Index fell to 55.7 in May from 57.8 in April, the consensus expected the index to fall to 57.1

Stay tuned…

HeffX-LTN

Paul Ebeling

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