Market Updates at a Glance 07/6/22 (Tuesday)
☛USDJPY Refreshing to Multi-Decade High. All eyes on US Bond Auction & CPI.
➤U.S stocks were slightly higher on Monday helped by gains in Amazon and optimism of China relaxing Covid restrictions in Beijing and Shanghai.
Dow +0.05%, S&P + 0.31% & Nasdaq +0.40%.
➤The U.S. dollar index rose to 102.41 (+0.21%), up for the second day in a row after Friday's solid jobs report, which lowered hopes of a pause of aggressive tightening policy by the Fed.
The 10-year treasury yield jumped to 3-1/2-week highs, 3.04% on Monday as market participants prepared for new supply with the sale of $96billion debt in this week.
➤EUR edged lower against the greenback to 1.0695 (-0.22%) ahead of a European Central Bank (ECB) policy meeting later this week, while BofA called for 150bp hike through 2022. Yen remains the most sensitive to moves in bond yields with USDJPY soaring above 130 level and eyeing 2020 high 135, making JPY the G10 underperformer overnight.
➤Gold, the precious metal was under pressure at $1841 as the strong greenback & higher yields. Oil (Brent) dropped below $120 despite Saudi Arabia raising its July crude prices as market doubted that a higher output target for OPEC+ oil producers would ease tight supply.
➤Bitcoin continued to consolidate between $28,550-$31,300 for almost a month.
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