The Fed minutes did again that it’s more likely to have cuts this yr, however didn’t actually go to the extent that the market thinks (or so it appears). The USD has moved a bit greater with the EURUSD buying and selling to a brand new low. The USDJPY is pushing to the highs. Different pairs are tilting marginally greater.
Now the worth motion will not be working. The EURUSD has already moved again above the sooner low.
The USDJPY made a brand new excessive for the day nevertheless it was solely by a pip.
Wanting on the treasury curve:
- 2 yr 4.365, up 3.8 foundation factors
- 10 yr 3.933%, that’s down -1.1% after reaching simply above 4.0% earlier immediately
- 30 yr 4.073%, -1.1 foundation factors
The US inventory market is decrease however not by a lot vs. the pre-release ranges:
- Dow -176 factors. That’s unchanged from simply earlier than the discharge
- S&P -26 factors vs -24 factors simply earlier than launch
- Nasdaq -136 vs -124 factors simply earlier than launch.
