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Dollar Inches Higher As Treasury Yields Rebound

USD

The dollar index which measures the greenback against a basket of major currencies drifted higher in early trading today, rebounding from a two-week low of 92 to 92.30, as US Treasury yields moved higher. The spark in the Chinese inflation figures especially the producer price index raised concerns about China exporting inflation to other economies. As a result, Treasury yields rallied with the US 10-year yields jumping from 1.61% to 1.669%. The USDJPY recovered to 109.55, the GBPUSD declined to 1.3669, the lowest since early February, and the EURUSD gave up recent gains falling to $1.1887.

Equities

Major US equity futures had a mixed performance as yields spiked. The rotation is clear again, the tech stocks went into a correction after a significant rally, while the Dow Jones surged. The initial jobless claims rose significantly last week, but the general outlook remains strong with the vaccination program picking up a faster pace. Fed's Powell mentioned in the IMF conference that vaccinations, monetary and fiscal policy are supporting a brighter outlook. The Dow Jones Industrial Average futures rose to 33472, the S&P500 futures eased to 4085, and tech-heavy Nasdaq declined to 13705.

Metals

Precious metals prices eased as the dollar recovered along with Treasury yields. The price of a gold ounce tumbled after hitting $1758, the highest since March 1st, to $1744. The price of a silver ounce fell to $25.13, and palladium tumbled to $2621.

Oil

Oil prices continued to trade in a tight range as investors weigh OPEC+ latest decision on output and oil-demand recovery. The activity restriction in the Euro region continues to impose threats to the oil-demand recovery, while suppliers are running after bigger revenues. The West Texas Intermediate crude May contract fell to $59.31, and Brent blend June contract eased to $62.79.

Major Economic Events

GMT Country Event Expectation Previous

12:30

US

 PPI (MoM) (Mar)

0.5%

0.5%

12:30

CA

 Employment Change (Mar)

100.0

259.2

12:30

CA

 Unemployment Rate (Mar)

8.0%

8.2%

17:00

US

 U.S. Baker Hughes Oil Rig Count

-

337

 

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