Markets:Gold up $6 to $2024US 10-year yield down 2 bps to 4.28%WTI crude oil down $1.26 to $77.21S&P 500 down 30 points to 4975NZD leads, CAD lags
Markets:
- Gold up $6 to $2024
- US 10-year yield down 2 bps to 4.28%
- WTI crude oil down $1.26 to $77.21
- S&P 500 down 30 points to 4975
- NZD leads, CAD lags
The US economic calendar was bare today but that didn’t mean a quiet session. The dollar fell hard in early US trading as Treasury yields fell. It’s unclear what the catalyst for the move was but some pointed to the China MLF cut while others pointed to flows after the weekend and worries about AI-driven stocks ahead of NVDA earnings tomorrow.
The Canadian data added to the dovish bent in the market as CPI numbers were well-below expectations. That weighed on the loonie and the selling continued later as oil prices declined.
However the US dollar selling abruptly ended at the London fix and the dollar slowly recovered from there. The net was that the dollar almost finished back where it started US trading.
There wasn’t much to digest but Walmart pointed to a healthy consumer and the strong possibility that the soft January retail sales report was weather related. The company also highlighted ongoing goods deflation.
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