Prior was 3.999%Bid to cover 2.52 vs 2.56 priorThis is the highest yield at auction since 2007 but it was exactly what was priced in the when-issued market. There was some talk of real money bids but they didn't materialize so there might be some disappointment,...
US set to sell 10-year notes at the highest yield since 2007
The US will reopen the latest sale of 10s in an auction today and it's sure to feature the highest yield since 2007.The cash market is trading at 4.29% and that's a pretty good idea of where this one will land. BMO thinks it could undershoot, which might weight on...
Walmart CEO says he feels ‘pretty good’ about second half
US consumers are looking for some relief in pricesUS consumers have held up better than expectedHere were recent comments from Bank of America president of regional banking Dean Athanasia along the same lines. He was asked about the consumer: Yes, consumer spend right...
Poll: Most economists see Fed waiting until at least end of March before cutting rates
94 of 97 economists see no Fed change this month58 of 87 see Fed waiting until at least end of March before cuttingBigger risk is that first Fed cut comes later than expected, according to 23 of 28 economists17 of 97 economists expected at least one more hike before...
EIA boosts 2023 world oil demand growth but cuts 2024 forecast
Sees world oil demand 50k bpd higher this yearSees demand 250k bpd below previous levels next yearSees 2023 demand up 1.81 mbpdSees 2024 demand up 1.36 mbpdGlobal oil inventories forecast to fall by 0.2 million b/d in the fourth quarter of 2023 forecast U.S. gasoline...
European equity close: Germany lags while the UK leads
> European equity close: Germany lags while the UK leads Closing changes in the main European bourses for the day <!--> Adam Button Tuesday, 12/09/2023 | 15:35 GMT-0 12/09/2023 | 15:35 GMT-0 --> <!--> On the day:Stoxx 600 -0.2%German DAX -0.5%Francis...
ECB rate hike odds now sit at 50/50
Lagarde uncertainECB rate hike odds are rising today and now sit at precisely 50% compared to a 50% chance of no hike. The only fundamental news today was the German ZEW business sentiment survey. The main index improved to -11.4 from -12.3 but the metric of current...
Will there be anything left of the German economy?
Everything is going wrong in Germany right now.The country is all-in on electrification but the cornerstone of its industry -- automotive manufacturing -- appears to have missed the mark on building electric cars. Meanwhile, the country is hollowing out its industrial...
US stock futures point to a moderate decline as Oracle slumps
S&P 500 futures are down 18 points, or 0.4%, to reverse a 30-point gain yesterday.Oil prices appear to be weighing and shares of Oracle are down 9.7% in the premarket after the software company reported $12.45 billion in revenue, lower than the $12.47 billion...
WTI crude oil rises to a fresh 10-month high
WTI crude oil is trading at the highest since November after some modest resistance at the recent high of $88.07 gave way. The fresh high is $88.45 with little now standing in the way of $90 and beyond.Oil dailyThe IEA has grabbed some headlines today, writing that...
Bonds are in focus once again today
A US 10-year auction is the highlight on an otherwise-quiet economic calendar today. Right now 10s are down 0.4 bps to 4.28% and the auction will set the tone for what's next.The Fed is in the blackout period and the ECB decision is on Thursday so everyone is hunkered...
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NZDUSD Technical Analysis – The pair is at a key support
US:The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.Inflation measures since then showed further disinflation. The labour market displayed...
ForexLive European FX news wrap: Dollar recovers some ground, eyes CPI data tomorrow
Headlines:Markets:USD leads, GBP lags on the dayEuropean equities mixed; S&P 500 futures down 0.3%US 10-year yields flat at 4.290%Gold down 0.5% to $1,911.96WTI crude up 0.7% to $87.88Bitcoin up 3.8% to $26,034It was a relatively slow and quieter session in...
Gold Outlook Remains Mixed – XAU/USD Eyes US Inflation Report for Guidance
Gold (XAU/USD) Analysis, Price, and ChartUS inflation readings are expected to diverge.Gold traders need a boost of volatility as price action remains subdued.FOMC members are currently barred from making any public comments ahead of next Thursday’s Fed policy...
Bitcoin jumps as BOE policymaker says better to regulate crypto under financial services
To be fair though, there were a couple of light bids leading up to the sudden jump if you zoom in to the minute-chart. But the big spike came right on the dot as BOE policymaker Breeden said that it would be better to regulate cryptocurrencies under the financial...
AUDUSD Technical Analysis – Key levels in play
US:The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.Inflation measures since then showed further disinflation. The labour market displayed...
US August NFIB small business optimism index 91.3 vs 91.9 prior
The reading is once again below the 49-year average of 98, with this being the 20th month in a row at that. NFIB does note that Q3 economic conditions are looking good with September "needing to be an exceptionally bad month to negate the solid economic data that came...
Rates differential: flat – GBPUSD
The inflation rate – at least the headline rate – which has fallen sharply in the last four reports (from 10.1% in March to 6.8% in July) has certainly contributed to the Old Lady’s expectations of aggressiveness waning, bringing the terminal rate...
BOE’s Breeden: The risks to inflation around August forecast are to the upside
Sees balanced risks to growth and unemployment in both directionsExpects inflation to be around the 2% target in two yearsShe's currently serving on the FPC and will only assume the deputy governor post on 1 November, so I wouldn't expect her to step on any toes with...