Market wrap: the US dollar firms - ANZ

Ross J Burland FXStreet

Analysts at ANZ explained that the USD firmed throughout most of the European session, and in the absence of any meaningful economic news, short-term positioning would appear to be dominating.

Key Quotes:

"The sell-off in US fixed income continued, perhaps in part due to supply concerns, with the Treasury auctioning USD151bn in short-term bills and USD28bn of two year notes. Yields on the 2- and 10-year notes both rose around 3bps, to 2.22% and 2.91% respectively."

"For the former, this is the highest since 2008. Moves overshadowed equities. At the time of writing, the S&P 500 was flat and the DJIA off 0.3%. European bourses welcomed the weakness in the euro, with the DAX closing up 0.8% and the CAC 40 up 0.6%."

"Brent oil, which at one point was down around 1%, may have also helped European equities. However, prices have bounced, to be largely flat at USD65.5/bbl. European fixed income was steady, with the yield on the 10-year bund unchanged at 0.73%. Gold fell 1.3% to USD1330/oz."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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