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Pre-Market Report: Global Markets Are Weak on November 10

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Part 3
Pre-Market Report: Global Markets Are Weak on November 10 PART 3 OF 4

US Dollar Index Is Weak on November 10

US Dollar Index

The US Dollar Index started on a weaker note by pulling back on Monday. However, it regained strength and rebounded off the lows on Tuesday. The dollar lost strength amid doubts about US tax reform plans and fell on November 9. In the early hours on Friday, the US Dollar Index is trading with weakness near the opening prices.

US Dollar Index Is Weak on November 10

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Market sentiment

For the US Dollar Index, the market sentiment was weak at the beginning of the week amid concerns about US tax reform plans. However, the US Dollar Index regained ground amid the improved market sentiment in the US and weakness in the pound and euro. The Senate bill raised concerns about a possible delay in implementing tax reform plans and weighed on the dollar.

At 5:50 AM EST on November 10, 2017, the US Dollar Index was trading at 94.46—a fall of 0.01%.

US Treasury yields

After a weak start this week, the yields regained strength and moved higher on November 8–9. On Thursday, the bonds moved higher amid the sale of $15 billion worth of 30-year bonds. The market is waiting for the release of October’s budget balance data at 2:00 PM EST today.

Movement in Treasury yields

Below are the movements in Treasury yields as of 6:00 AM EST on November 10.

  • The ten-year Treasury yield was trading at 2.379—a rise of ~2.05%.
  • The 30-year Treasury yield was trading at 2.865—a rise of ~2.12%.
  • The five-year Treasury yield was trading at 2.038—a rise of ~1.76%.
  • The two-year Treasury yield was trading at 1.650—a rise of ~1.05%.

The iShares 20+ Year Treasury Bond (TLT) fell 0.28%. The ProShares UltraPro Short 20+ Year Treasury (TTT) rose 0.84% and the ProShares UltraShort 20+ Year Treasury (TBT) rose 0.44% on November 9.

In the next part of this series, we’ll discuss how commodities performed in the early hours on November 10.

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