The US Dollar Index (DXY), a gauge of the buck’s value against a basket of six currencies, advances 0.18% and exchanges hands at 104.197 following a h
Wall Street defies gravity while US Treasury yields are mixed; market eyes upcoming economic data
Despite Powell’s remarks, Wall Street trades in the green, gaining between 0.10% and 0.34%. US Treasury bond yields rise in the short-end of the curve, reflecting a hike in interest rates, while the belly and long-end drop between 0.05% and 0.30%. The US 2-year Treasury note yield, the most sensitive to interest rate shifts, edges up three basis points, while the CME FedWatch Tool shows the market is pricing a 25 bps at the November meeting, with odds at 46.7%, above estimates for the Fed to hold rates unchanged.highlighted the ongoing concerns of the central bank regarding elevated inflation. He indicated that further rate hikes could be considered “appropriate” but stressed that these decisions would continue to rely on incoming data.
In light of robust economic expansion and a constrained labor market, Federal Reserve Chair Powell emphasized the need for continued tightening measures. He stated that additional rate hikes would be warranted if these positive economic indicators do not exhibit signs of relaxation.
Next week, the US economic docket will feature the CB Consumer Confidence, JOLTs report, preliminary GDP data, inflation figures, ISM PMI and further Fed speakers.From a technical standpoint, the DXY shifted upward bias, as it crossed the 200-day Moving Average on August 16, showing signs of consolidation but not of retracing below the 200-DMA. A breach of the 104.699 level and the 105.000 mark would be up for grabs.
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