The theme in overnight Asian trade with the bond market online today has been lower US Treasuries, higher yields and a stronger dollar, that's dissipated a bit in to the European session, but the early evening Yen smash down didn't have the same effect as last week.
The benchmark 10 year Treasury futures have traded dow steadily since the jobs report in a QE-Taper On fashion despite the market Friday.
The 30 year which I actually like long term and on a little deeper pullback made a new mow on the chart this morning as did the 10 year above, both in a Taper On/QE off fashion.
The USD was also trading in the Asian session in a taper-on/QE off fashion on strength.
Early overnight USD strength
As well as USD/JPY early overnight strength, but it didn't translate to lifting futures.
This is the USD/JPY vs SPX E-mini futures (purple) overnight.
Even that Yen smackdown...
3C negative at the Yen smackdown, still haven't heard of any news like last time, but no effect.
You can see Es in purple overnight vs the EUR/JPY
It seems that ES is down about 4 points from yesterday's 4 pm print.
We do have some F_E_D speakers today including the normally hawkish Fisher and the Chicago F_E_D's National Activity Index.
It will be interesting, if a Yen Smack down didn't work very well unlike last week, you have to wonder.
Is interest rates about to start going up?
-
Yes, I know - it does not make any sense - FED is about to cut
rates...but....real world interest rates are not always what FED wants it
to be.
5 years ago
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