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Pre-Market Report: Global Markets Are Strong on November 3

PART:
1 2 3 4
Part 3
Pre-Market Report: Global Markets Are Strong on November 3 PART 3 OF 4

US Dollar Index and Treasury Yield Are Stable

US Dollar Index

After gaining for two consecutive trading weeks, the US Dollar Index started this week on a weaker note. However, the US Dollar Index regained strength as the week progressed. The US Dollar Index opened Friday on a stable note and traded above the opening prices in the early hours.

US Dollar Index and Treasury Yield Are Stable

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Market sentiment

The market sentiment was stable at the beginning of the week amid improved optimism about the economy and strong third-quarter earnings. The US Dollar Index regained strength on Wednesday as the Fed left the interest rates unchanged. The chances of an interest rate hike in December are higher. The US Dollar Index lost strength amid the announcement of tax cut proposals by the House of Representatives. As expected by most of the market participants, President Trump nominated Jerome Powell as the next Fed chair. The US Dollar Index didn’t react since it already priced in the dollar movement. The US Dollar Index is awaiting a string of US economic data scheduled to release today.

At 7:00 AM EST on November 3, 2017, the US Dollar Index was trading at 94.79—a gain of 0.11%.

US Treasury yields

Following a strong performance for two weeks, US Treasury yields started this week on a weaker note and fell as the week progressed. There was an increased weakness in the yields on Thursday after the announcement of President Trump’s Fed chair nomination.

Movement in Treasury yields

Below are the movements in Treasury yields as of 7:05 AM EST on November 3.

  • The ten-year Treasury yield was trading at 2.351—a rise of ~0.06%.
  • The 30-year Treasury yield was trading at 2.829—a fall of ~0.05%.
  • The five-year Treasury yield was trading at 2.003—a rise of ~0.06%.
  • The two-year Treasury yield was trading at 1.617—a rise of ~0.28%.

The iShares 20+ Year Treasury Bond (TLT) rose 0.44%. The ProShares UltraPro Short 20+ Year Treasury (TTT) fell 1.4% and the ProShares UltraShort 20+ Year Treasury (TBT) fell 0.82% on November 2.

In the next part of this series, we’ll discuss how commodities performed in the early hours on November 3.

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