The $-Index rose timidly this evening (+0.05% to 104.35) after rocketing to 104.65: it will nevertheless record its best close since August 1, i.e. almost 3 months.
It was boosted this Tuesday morning by a new surge in US long yields (with the ’10 yr’ rising to 4.345% at the day’s high and the ’30 yr’ peaking at 4.58%), but yields in Europe in turn soared, cancelling out this advantage (+6Pts on our OATs).
In the end, the Euro, which had retreated to around $1.0770, is now down just 0.1% to 1.0803.
The Dollar is still ahead by +0.2% against the Pound (despite a record yield of 4.3400%) and by +0.3% against the Swiss Franc.
The session was still quiet on the macroeconomic data front: the Conference Board’s US consumer confidence index recovered strongly in October, according to the monthly survey by the Conference Board employers’ organization, with the index coming in at 108.7 compared with 99.2 the previous month (revised from 98.7 on first reading).
It is worth highlighting this singular and unprecedented scenario: the combined rise in rates and the dollar is still not halting the surge in gold prices, which set a new record at over $2,770/Oz.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
