Volatility remained high in global markets yesterday as investors continued to digest more updates and adjust to sharply changing sentiment. The Yen took a big hit earlier in the day after BOJ officials turned much less hawkish in light of recent moves and US stocks retreated hard after initially starting the day nicely in the black.
Weak demand in the US 10-year treasury auction increased investor concerns as yields pulled back some more of their recent losses. Oil jumped off multi-month as US stockpile data fell again – the 6th week in a row -although greater demand concerns should still cap rallies and Gold dropped further towards the lower end of its recent range.
The macroeconomic event calendar is relatively thin again today with a strong focus on the antipodes early in the Asian session before yet another long wait until the kickoff of the US trading day for the usual weekly unemployment claims data followed by another Bond Auction update, this time for the 30-years.
| Market | Change | Close |
| Dow | -0.6% | 38,763 |
| S&P | -0.77% | 5,199 |
| Nasdaq | -1.05% | 16,195 |
| USD | +0.2% | 103.19 |
| US Treasury – 2 Year | +2.3 bps | 4.005% |
| US Treasury – 10 Year | +8 bps | 3.968% |
| Oil – Brent | +2.42% | $78.33 |
| Oil – WTI | +2.77% | $75.23 |
| Gold | -0.2% | 2,384 |
Today’s Events (AEST):
Asian Session
- 12.40 pm – Australia – RBA Governor Michele Bullock Speaks
- 1.00 pm – New Zealand – Quarterly Inflation Expectations Data
US Session
- 10.30 pm – US – Weekly Unemployment Claims Data
- 3.01 am – US – 30-Year Bond Auction
