US Dollar Off, US Treasuries Mixed
US Treasury Complex
The US Treasury complex went deep into the Red Wednesday morning. The FOMC statement and Fed Chairwoman Yellen’s press conference remarks were interpreted dovishly by the market driving all maturities except for the 30-yr T-Bond into the Green
- Yield
- 2-yr: -4 bpts to 0.65%
- 5-yr: -5 bpts to 1.61%
- 10-yr: Unch at 2.31%
- 30-yr: +4 bpts to 3.09%
- News
- The MBA Mortgage Index fell 5.5% for the week ending 6/13 Vs an 8.4% rise in the prior week
- WTI Crude Oil inventories for the week ending 13 Jun fell 2.676-M bbl Vs a fall of 6.812-M bbl the week prior
- The European Central Bank increased Greece’s Emergency Liquidity Assistance Program to EUR84.1-B.
- The FOMC held rates steady, as expected. There were no dissenters
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US Dollar (.DXY) Index
- .DXY down 0.72% to 94.32 after Fed Chairwoman Yellen said that the FOMC needs more “decisive” evidence from inflation and employment before they begin to hike rates
- EUR/USD: +0.78% to 1.1232
- The rally was an effect of the Fed decision and Ms Yellen’s remarks, not Eurozone related
- USD/JPY: -0.03% to 123.382
- The pair gave up all of its overnight gainers after the dovish remarks from the Fed
- GBP/USD: +1.21% to 1.5831
- The Bank of England (BOE) released minutes of their June meeting Wednesday. There were 2 members who felt that the decision to hold or raise was “finely balanced”
Stay tuned…
HeffX-LTN
Paul Ebeling
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