US Dollar Falls, US Treasuries Finish Lower

US Dollar Falls, US Treasuries Finish Lower

The US Dollar (.DXY) Index Falls

• The Buck lost against all peers Wednesday. .DXY fell 0.52% to 94.67
  • The US Treasury saw its deficit decrease to $82.4-B in May from a -$130.0-B deficit in April, consensus called for -$85.0-B
• EUR/USD: +0.28% to 1.1318
  • French and Italian Industrial Production missed estimates for April. In France, IP fell 0.9% M-M Vs -0.3% in March. In Italy, the decline was 0.3% Vs growth of 0.5% in the prior month
  • This weaker economic data was counteracted by the German Bund yield breaking through 1.00% for the 1st time since September
• GBP/USD:
  • In the UK, Manufacturing Production fell 0.4% M-M  in April, lower than expectations and the +0.4% reading from March.
• USD/JPY: -1.43% to 122.59
  • Overnight, BOJ chief Haruhiko Kuroda said “The Yen is unlikely to weaken further in real effective terms if you think with common sense, given how far it has come.”
    • The market responded quickly and violently, moving 150 pips in roughly 20 mins
• USD/CHF: +0.06% to 0.9313
• USD/CAD: -0.61% to 1.2265
• AUD/USD: +0.92% to 0.7763
• NZD/USD: +0.84% to 0.7203

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US Treasury Complex

US Government debt traded lower

US Treasuries declined Wednesday in a curve-steepening trade. The yields on 5’s, 10’s, and 30’s touched 8-month highs. Overnight, the German Bund yield briefly touched 1.05%

• Yield
  • 2-yr: Unch at 0.73%
  • 5-yr: +4 bps to 1.79%
  • 10-yr: +5 bps to 2.49%
  • 30-yr: +5 bps to 3.22%

Stay tuned…

HeffX-LTN

Paul Ebeling

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