USD Still Lower After PMI Data
After a brief period of stability, US yields have started to move higher again. This is putting pressure on the US dollar and may lead to further declines in the currency.
USD’s value has been gradually decreasing, but that might change soon.
Auctions for US 2 year notes have not been going well recently. This could be because of the Jackson Hole Symposium taking place, which might be worrying some investors. Although, it’s worth noting that even with inflation rates being higher than the nominal rate, it’s still better than what’s happening in Europe.
The yield curve is still relatively flat, with minimal changes in yields seen overnight. The 2-year note is yielding 3.31%, down 0.6 basis points from yesterday’s close. The 5-year note is yielding 3.184%, up 2.5 basis points from yesterday’s close. The 10-year note is yielding 3.054%, up 3.6 basis points from yesterday’s close. The 30-year bond is yielding 3.253%, up 2.6 basis points from yesterday’s close.”
The US stock market is having a mixed day, with the Dow being the weakest performer. However, there is some modest buying in the Nasdaq index. The Dow is down -150 points or -0.49%. The Nasdaq is up 0.23%. in between is the S&P which is down -0.11%.
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