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US Dollar Index and Treasury Yields Are Weak

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Mar. 7 2018, Updated 8:39 a.m. ET

US Dollar Index

After a mixed performance last week, the US Dollar Index started this week on a stable note but lost strength as the week progressed. On March 7, the US Dollar Index started the day on a weaker note and traded below the opening prices in the early hours.

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Market sentiment

The market sentiment was stable at the beginning of this week but weakened gradually amid increased concerns about import tariffs. The US dollar lost strength and declined to two-week low price levels following Gary Cohn’s resignation—President Trump’s chief economic advisor. The market is looking forward to the release of February’s ADP non-farm employment change report and January’s trade balance data. The report and data are scheduled to be released on Wednesday.

At 5:40 AM EST on March 7, the US Dollar Index was trading at 89.44—a drop of 0.2%.

US Treasury yields

US Treasury yields were lower in the early hours on Wednesday amid Cohn’s resignation. The market is looking forward to the release of the Fed’s latest Beige Book. The latest Beige Book is scheduled to be released at 2:00 PM EST today.

Below are the movements in Treasury yields as of 5:45 AM EST on Wednesday.

  • The ten-year Treasury yield was trading at 2.859—a fall of ~0.63%.
  • The 30-year Treasury yield was trading at 3.132—a fall of ~0.11%.
  • The five-year Treasury yield was trading at 2.625—a fall of ~0.76%.
  • The two-year Treasury yield was trading at 2.238—a fall of ~0.37%.

The iShares 20+ Year Treasury Bond (TLT) rose 0.09%. The ProShares UltraPro Short 20+ Year Treasury (TTT) and the ProShares UltraShort 20+ Year Treasury (TBT) fell 0.37% and 0.23%, respectively, on March 6.

Bitcoin

After regaining strength last week, Bitcoin started this week on a mixed note and lost strength as the week progressed. The failed attempt to stay above $11,500 reversed the sentiment. Bitcoin is trading towards $10,000.

At 5:50 AM EST, the Bitcoin-US Dollar contract was trading at $10,529—a drop of 3.8%.

Next, we’ll discuss how commodities performed in the early hours on March 7.

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