Pre-Market Report: Global Markets Are Mixed on November 30 PART 5 OF 6
US Dollar and Treasury Yields Are Stronger Early on November 30
- After a failed attempt to recover on November 29, the US dollar is stable in the early hours on November 30.
- The PowerShares DB US Dollar Bullish (UUP) fell 0.25% to 26.11 on November 29.
- The market is waiting for the outcome of OPEC’s meeting in Vienna. It’s tentatively scheduled for 8:30 AM EST on November 30.
- The dollar regained some strength due to upbeat US third-quarter GDP data and consumer confidence data released on November 29.
- According to the data released by the U.S. Bureau of Economic Analysis, the third quarter US GDP, a measure of economic activity, rose 3.2%. The market expected 3% growth.
- The Conference Board reported the US CB Consumer Confidence for November as 107.1. It’s better than the market’s expectation of 101.2.
- The chances of an interest rate hike rose after the release of November’s meeting minutes last week.
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US Treasury yields
- After pulling back on November 29, the US Treasury yields regained strength in the early hours on November 30.
- The fall in oil’s price on November 29 also weighed on US Treasury yields.
- Stronger US CB Consumer Confidence data along with US third quarter GDP improved the sentiment.
- At 5:25 AM EST on November 30, the 30-year Treasury yield was trading at 2.32—a gain of ~0.93%.
- The ten-year Treasury yield was trading at 2.97—a gain of ~0.59%.
- The five-year Treasury yield was trading at 1.11—gain of ~1.5%.
- The two-year Treasury yield was trading at 1.81—a gain of ~1.7%.
- The iShares 20+ Year Treasury Bond (TLT) rose 0.42%, while the ProShares UltraPro Short 20+ Year Treasury (TTT) and the ProShares UltraShort 20+ Year Treasury (TBT) fell 1.1% and 0.83%, respectively, on November 29.
In the next part, we’ll discuss how copper, gold, silver, platinum, and palladium performed in the early hours on November 30.