US Dollar Rises, US Treasuries Fall
US Treasury Complex
US Treasuries gave back ground as the economic data released today showed continued momentum in the US economic recovery. The complex has now given back over 70% of Sunday night’s flight-to-quality rally in every maturity as investors continue to use rallies as selling opportunities. Thursday morning, we will see the June Employment Situation Report
- Yield
- 2-yr: +4 bpts to 0.69%
- 5-yr: +5 bpts to 1.70%
- 10-yr: +6 bpts to 2.42%
- 30-yr: +6 bpts to 3.19%
- News
- Overnight, Greece failed to make its EUR1.55-B payment to the IMF
- The ADP Employment Change for June rose to 237-K from an upwardly-revised 203-K in May, consensus had called for a gain of 220-K
- The ISM Manufacturing Index increased to 53.5 in June from 52.8 in May, consensus expected the index to increase to 53.2
- Construction Spending climbed 0.8% in May, more than the consensus of 0.3% but less than the revised 2.1% growth seen in May
- Overnight, St. Louis Fed President Bullard said that the Greek debt crisis was unlikely to take a rate hike off the table at the September meeting.
- Greece is slated to hold a referendum on July 5th (Sunday) to decide whether or not the country should agree to the official creditors’ most recent demands.
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US Dollar (.DXY) Index
.DXY jumped 0.81% to 96.26 Wednesday on global uncertainty and better-than-expected economic growth in the United States
- EUR/USD: -0.68% to 1.1054
- Both German Chancellor Angela Merkel and the Eurogroup have said that negotiations with Greece are on hold until the 5 July referendum
- The Eurozone’s Manufacturing PMI for June was in line with expectations and the prior month’s reading at 52.5
- GBP/USD: -0.53 to 1.5602
- In the UK, the Manufacturing PMI for June fell to a worse-than-expected 51.4 from 51.9 in May
- USD/JPY: +0.60% to 123.16
- Industrial sentiment improved as the Tankan Large Manufacturers Index rose to 15 in Q-2, ahead of expectations and the reading of 12 from Q-1
- USD/CHF: +1.30% to 0.9475
- The Swiss National Bank has been selling Suisse this week to prevent a flight to quality on Greece’s failure to repay the IMF
- The SNB got a new board member today. She will be taking charge of the SNB department that manages currency-market intervention
- USD/CAD: +0.84% to 1.2588
- Today was a holiday for Canada Day
- AUD/USD: -0.60% to 0.7653
- NZD/USD: -0.46% to 0.6751
Stay tuned…
HeffX-LTN
Paul Ebeling
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