US Dollar Dives, US Treasuries Fly

US Dollar Dives, US Treasuries Fly

US Treasury Complex

US Treasuries soared Monday as participants scrambled to safety following the breakdown of negotiation between Greece and its creditors at the weekend. A referendum on a bailout extension is to be voted upon on 5 July, but that will be after the 30 June deadline for Greece’s EUR 1.55-M payment to the IMF

  • Yield
    • 2-yr: -7 bpts to 0.64%
    • 5-yr: -13 bpts to 1.63%
    • 10-yr: -14 bpts to 2.33%
    • 30-yr: -14 bpts to 3.10%
  • News
    • Negotiations between Greece and its official creditors broke down over the weekend
    • The Shanghai Composite fell to Bear market down territory, down more than 20% from its high on June 12th. The PBOC eased monetary policy over the weekend to stem the selling
    • Pending Home Sales in the US rose 0.9% in May, short of the consensus of 1.4% and April’s gain of 3.4%


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US Dollar (.DXY) Index

The US Dollar headed due South Monday

U.S. Dollar Index: -0.72% to 94.78

  • EUR/USD: +0.77% to 1.1254
    • German CPI for June missed expectations, falling 0.1% M-M Vs a 0.1% gain in May
    • Spain’s Harmonized Index of Consumer Prices was flat Y-Y in June, beating expectations and a 0.3% fall in May
    • The Eurozone’s Business and Consumer Survey fell to a worse-than-expected 103.5 in June from 103.8 in May
  • GBP/USD: +0.01% to 1.5749
    • Mortgage approvals declined to a worse-than-expected 64.43K in May versus 67.58K in April
  • USD/CAD: +0.52% to 1.2383
    • The Raw Materials Price Index rose to a worse-than-expected 4.4% M-M in May versus 4.0% for April
  • USD/JPY: -1.13% to 122.48
    • Industrial Production missed estimates in May, falling 2.2% M-M Vs a 1.2% jump in April
    • Retail Sales rose 3.0% M-M in May, better than estimates, worse than the 4.9% reading in April
  • USD/CHF: -0.84% 0.9256
    • The Swiss National Bank (SNB) intervened in the Forex market to prevent significant appreciation of the Suisse after the Greek negotiations fell through at the weekend
  • AUD/USD: +0.51% to 0.7697
  • NZD/USD: +0.27% to 0.6867

Stay tuned…


Paul Ebeling

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