US Dollar Up, US Treasuries Flat To Little Changed

US Dollar Up, US Treasuries Flat To Little Changed

US Dollar (.DXY) Index

  • The USD made significant gains Vs EUR, the CAD, the CHF, and the NZD today
    • The Chicago Purchasing Manager Index rose to 49.4 in June, but remained below 50, which indicates contraction, consensus was for 50.0 and May’s reading was 46.2
    • Consumer Confidence jumped to 101.4 in June from 95.4 in May, consensus called for 97.5
    • US Dollar (.DXY) Index: +0.74% to 95.49
  • EUR/USD: -0.66% to $1.1141
    • Greece is all but guaranteed to miss its 1.55-B Euro payment to the IMF due today
      • The country is still on track to vote on a referendum on continued membership in the Eurozone this Sunday, 5 July
  • GBP/USD: +0.03% to 1.5735
    • GDP growth in the UK was 0.4% according to the final revision released earlier today
  • USD/JPY: -0.25% to 122.31
    • Average Cash Earnings grew 0.6% Y-Y in May, less than expected and less than the 0.7% growth in April
    • Housing Starts grew 5.8% Y-Y in May, in line with estimates and better than the 0.4% growth in April
  • USD/CHF: +1.05% to 0.9354
    • KOF Leading Indicators fell to a worse-than-expected 89.7 in June from 92.7 in May
  • USD/CAD: +0.67% to 1.2490
    • Canadian GDP fell 0.1% m/m in April after a 0.2% decline in March. Market expectations were for a rise in output
  • AUD/USD: +0.38% to 0.7710
  • NZD/USD: -0.94% to 0.6778
    • Kiwi touched a 3-yer low as Deutsche Bank forecast a fourth cut to the RBNZ’s policy rate for this year

 

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US Treasury Complex

  • US Treasuries seesawed between positive and negative territory Tuesday on economic data releases which were Neutral on balance, although the 4th sub-50 reading of the Chicago PMI this year gives some cause for concern about the recovery. The weakness has been isolated to the Midwest
  • Yield
    • 2-yr: Unch at 0.64%
    • 5-yr: +1 bpt to 1.63%
    • 10-yr: +1 bpt to 2.34%
    • 30-yr: Unch at 3.10%
  • News
    • The Case-Shiller 20-City Index rose 4.9% in April Vs the consensus of +5.6%. The index climbed 5.0% in March
      • All 20 Cities showed a Y-Y gain
    • The Chicago PMI came out at 49.4 in June, worse than the consensus of 50.0, but better than the 46.2 from May
    • Consumer Confidence climbed past estimates to 101.4 for June Vs the consensus of 97.5, confidence was at a revised 94.6 in May
    • The Greek government sent a proposal for a 2-yr bailout extension to its official creditors, but declined to negotiate before the 5 July referendum on Greece’s membership in the single currency bloc
    • Vice Fed Chair Stanley Fischer spoke at Oxford University and noted that the FOMC would have to begin hiking rates before it has reached its objectives because monetary policy operates with a time lag.

Stay tuned…

HeffX-LTN

Paul

 

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