Pre-Market Report: Analyzing the Global Markets on November 29 PART 3 OF 4
US Dollar and US Treasury Yields Rose Early on November 29
- After pulling back on November 28, the US dollar recovered in the early hours on November 29. The PowerShares DB US Dollar Bullish (UUP) fell 0.23% to 26.18 on November 28.
- At 4:45 AM EST on November 29, the US Dollar Index is steady above 101 at 101.39.
- Investors are waiting for oil producers’ meeting in Vienna on November 30. Individual supply quotas will be announced.
- The dollar regained some strength as the market awaits the release of US 3Q GDP data and consumer confidence data scheduled to release on November 29.
- The market expects 3% GDP growth in the 3Q and a consumer confidence value of 101.2.
- The market’s focus would also be on speeches from FOMC members Dudley and Powell scheduled for today. The market will look for clues about the timing of the interest rate hike.
- The chances of an interest rate hike went through the roof after the release of November’s meeting minutes last week.
US Treasury yields
- After pulling back on November 28, US Treasury yields regained strength in the early hours on November 29.
- The Treasury yields rose last week amid expectations of an increase in spending, growth, and inflation under Donald Trump’s presidency.
- At 4:45 AM EST on November 29, the 30-year Treasury yield was trading at 2.98—a gain of ~0.05%.
- The ten-year Treasury yield was trading at 2.33—a gain of ~0.02%.
- The five-year Treasury yield was trading at 1.80—a gain of ~0.18%.
- The two-year Treasury yield was trading at 1.11—a gain of ~0.01%.
- The iShares 20+ Year Treasury Bond (TLT) rose 0.74%, while the ProShares UltraPro Short 20+ Year Treasury (TTT) and the ProShares UltraShort 20+ Year Treasury (TBT) fell 2.1% and 1.5%, respectively, on November 28.
In the next part, we’ll discuss how crude oil, copper, gold, silver, platinum, and palladium performed early on November 29.