Headlines:
Markets:
- NZD leads, USD lags on the day
- European equities a touch higher; S&P 500 futures up 0.1%
- US 10-year yields up 5.3 bps to 4.468%
- Gold up 0.2% to $1,995.23
- WTI crude down 0.4% to $76.92
- Bitcoin up 1.6% to $37,848
It was a quiet session for the most part with the dollar sitting marginally lower amid light changes in major currencies. There wasn’t much appetite overall, as the mood is dampened by the Thanksgiving holiday period in the US since yesterday.
Equities also didn’t show much poise but the bond market did see some decent flows, with yields climbing back up towards the end of the week. 10-year Treasury yields are up a little over 5 bps to near 4.47% but that isn’t really reverberating much across other asset classes.
The dollar was little changed mostly but is now sitting lightly lower with GBP/USD up 0.3% to 1.2565 while EUR/USD is up just 0.1% to 1.0915 on the day. USD/JPY is flat at 149.55 though, not really doing much in European morning trade.
In terms of data, we got German Q3 GDP which reaffirmed a marginal contraction in the economy in the last quarter and that tees up a recession in 2H 2023. Meanwhile, the Ifo business climate index shows that the economy is at least holding up better than anticipated so far in Q4 although still in a poor state.
There’s not much else to really work with as we bring the curtains down on the week. I wish you all a good weekend to come and for those celebrating, a blessed Thanksgiving holiday period. 🙂