2024-04-03 06:50:00 ET
Summary
- The adjustment to US interest rates continues and this helps underpin the US dollar.
- The dollar is firmer against all the G10 currencies today, while emerging market currencies are mixed.
- A powerful earthquake off the coast of Taiwan shuttered factories, but the Taiwan dollar managed to eke out minor gains.
- Gold rose to a new record high near $2288.50 before profit-taking saw it fall slightly below $2268 where it found fresh bids.
- May WTI extended its recent gains to trade near $85.65 today.
Overview
The adjustment to US interest rates continues and this helps underpin the US dollar. The 10-year ( US10Y ) yield rose to 4.40% yesterday, the highest it has been since last November. It is trading 4.34%-4.38% today. The two-year ( US2Y ) yield is firm though holding below the Q1 high set last month near 4.75%. This week, for the first time since last October, the Fed funds futures do not have at least a quarter point cut discounted for July. As recently as February 12, the market had two cuts discounted....
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Rate Adjustment Underpins Greenback