Markets Wrap: Bond Rallies, Asian Stocks Set for Steady Open

Traders’ focus this week remains on today’s CPI report and the upcoming Fed meeting next week. Futures are steady in Australia, Hong Kong, and Japan. pointed higher. Overnight, the bond rallied and US equities traded lower. The S&P 500 fell by 0.2%, weighed by the pullback in the Tech sector. The Nasdaq and the Dow Jones both traded lower by 0.1% and 0.4% respectively head of the key inflation report, which may provide clues as to the direction of future monetary policies. 

US long-term treasuries rallied overnight. The auction of $38 billion of the notes saw strong demand at a yield of 1.497%. The US 10-year yields fell by 4 points to 1.49%. US 2-year yields were steady near 0.157%. 

Forex trading saw the dollar continued its advance against other major currencies. According to ZERO Markets’ Meta Trader 5 platform, the Euro fell from highs near $1.2215 to lows near $1.2176 against the dollar. The Aussie dollar fell from highs near $0.766 to lows around $0.7725 against the dollar. 

Commodity trading saw global oil prices stalled. Brent crude was flat near $US 72.22 a barrel. WTI fell by o.1% to $69.96 a barrel.

Iron ore prices lifted by 1.5% to near $213.5 a tonne. Precious metals trading saw gold trading near $US 1,889 an ounce.

Cryptocurrency trading saw Bitcoin held an advance, up near 12%, trading near $37,500 before Asian openings.

Key events this week (Economic Calendar):

  • European Central Bank Decision (Thursday)
  • US Consumer Price Index (Thursday)

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