Dollar bulls seem to be getting into position ahead of the main economic calendar events this week while the pound carried on with its slide from earlier in the day.
- U.S. JOLTS job openings down from 6.18M to 6.00M vs. 6.03M forecast
- Pipe bomb exploded near NY City subway
- U.S. equity indices all close in the green
- Japanese PPI up from 3.4% to 3.5% y/y in Nov
Wall Street buoyed by tech & energy
U.S. stock markets kicked off the week with a good run, dipping slightly on reports of a pipe bomb explosion near a New York city subway platform then recovering thanks to rallies in the tech and energy sectors.
- Dow 30 index is up 56.87 points to 24,386.03 (+0.23%)
- S&P 500 index is up 8.49 points to 2,659.99 (+0.32%)
- Nasdaq is up 35.00 points to 6,875.08 (+0.51%)
U.S. bond yields were also a bit higher after the auction, even as demand noted by the bid-to-cover ratio was a notch lower.
- U.S. 2-year bond yields were up 2.4 basis points to 1.8189%
- U.S. 5-year bond yields were up 1.6 basis points to 2.1566%
- U.S. 10-year bond yields were up 1 basis point to 2.1566%
Weaker JOLTS jobs data
The only piece of economic report released by Uncle Sam was the JOLTS job openings for October, which saw a decline from 6.18 million to 6.00 million versus the consensus at 6.03 million.
Underlying data revealed that hires increased to 5.6 million and
separations were little changed at 5.2 million. The quits rate stood at 2.2% while the discharges rate was at 1.1%, little changed from previous months. All in all, job openings are still near record levels from back in June.
Major Market Mover(s):
The dollar managed to scrape some gains during the session as traders are probably positioning ahead of this week’s major happenings. Higher bond yields likely buoyed the currency higher as well.
USD/JPY edged up from a low of 113.23 to a high of 113.58, EUR/USD is down to 1.1775, GBP/USD continued to slide to a low of 1.3344, and USD/CHF fell to a low of .9898
Sterling was still down in the dumps for the rest of the day even as PM May spoke in front of Parliament to share more deets on the Brexit agreement.
GBP/JPY slid from a high of 151.97 to a low of 151.35 where it consolidated, EUR/GBP is up to a high of .8844, GBP/AUD fell to the 1.7700 handle, and GBP/NZD tumbled to a low of 1.9824
Watch Out For:
- 12:30 am GMT: Australian HPI q/q (0.6% expected, 1.9% previous)
- 12:30 am GMT: Australian NAB business confidence index
- 4:30 am GMT: Japanese tertiary industry activity index (+0.2% expected, -0.2% previous)