market:
- Gold falls $3 to $1958
- US 10-Year Yield Falls 1bps to 3.73%
- Bitcoin Drops 2.3% to $25,833
- WTI crude drops $3.10 to $67.07
- S&P 500 up 0.8%, Nasdaq up 1.5%
- Australian dollar leads, Swiss franc lags
In theory, the next US business day would be three business days for CPI, FOMC, and retail sales, so today was a preparation day. But while the stock started flat, it wasn’t exactly quiet, as it was steadily gaining momentum. Meanwhile, the oil market fell to its lowest level since May 4.
Forex markets were not quiet either, with the US dollar declining in early European trading, but then all recovering. Bond markets boosted gains as UK government bond yields hit cycle highs. This caused the telegram to move him up to 1.2600, but then US Treasury yields rose and the currency pair moved him back to 1.2500.
But before tomorrow’s U.S. inflation is sure to fall from a year earlier, the bond market also slowed and yields ended the day lower.
With commodity currencies largely flat, the madman has managed to fend off a drop in oil prices. The risk, however, is a delayed reaction after confirming this week’s data.
