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Pre-Market Report: OPEC's Deal Impacts Markets on December 1

PART:
1 2 3 4 5 6
Part 5
Pre-Market Report: OPEC's Deal Impacts Markets on December 1 PART 5 OF 6

Economic Data Supported the US Dollar and Treasury Yields

US dollar

  • After rising on November 30, the US dollar pulled back in the early hours of December 1.
  • OPEC’s agreement to curb the oil output and weaker oil prices pushed the dollar higher on November 30.
  • Stronger consumer spending and upbeat non-farm payroll data supported the US dollar.
  • After rising 0.7% in September, consumer spending rose 0.3% in October.
  • According to the data released by Automatic Data Processing on November 30, non-farm private employment rose by 216,000 jobs in November. It’s better than the market’s expectation of 165,000 jobs. It made the dollar stronger.
  • The increased chances of an interest rate hike in December also supported the US dollar.
  • The market is waiting for the US manufacturing data scheduled to release at 9:45 AM EST today. The non-farm payroll data will be released on December 2.
  • The PowerShares DB US Dollar Bullish ETF (UUP) rose 0.54% to 26.25 on November 30.
  • At 5:30 AM, the US Dollar Index was at 101.26—a fall of ~0.23%.

Economic Data Supported the US Dollar and Treasury Yields

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US Treasury yields

  • After rising on November 30, US Treasury yields are trading higher in the early hours on December 1.
  • The stronger economic data released on November 30 pushed the Treasury yields higher.

At 5:36 AM EST on December 1:

  • The ten-year Treasury yield was trading at 2.4—a gain of ~1.36%
  • The 30-year Treasury yield was trading at 3.06—a gain of ~1.41%.
  • The five-year Treasury yield was trading at 1.86—gain of ~1.43%.
  • The two-year Treasury yield was trading at 1.14—a gain of ~1.8%
  • The iShares 20+ Year Treasury Bond ETF (TLT) fell 1.6%, while the ProShares UltraPro Short 20+ Year Treasury ETF (TTT) and the ProShares UltraShort 20+ Year Treasury ETF (TBT) rose 3.8% and 3.2%, respectively, on November 30.
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