Home Market wrap:  USD was modestly weaker against the G10  – ANZ
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Market wrap:  USD was modestly weaker against the G10  – ANZ

In a market   wrap, analysts at ANZ Bank Australia explained that US equities opened higher, but then trended lower through the trading day to close mixed (S&P flat, Dow +0.3%, Nasdaq  

Key Quotes:

“Treasuries bear flattened and the USD was modestly weaker against the G10. US equities were led by defensive sectors (consumer staples, utilities, real-estate) while  cyclicals  (consumer discretionary) led declines.”

“European bourses were mixed with UK shares advancing and the rest of Europe falling.”

“GBP rose sharply on reports May will drop some demands on Brexit, but settled around 1.3070.”

“Two year  treasury yields rose 3bps while  10 year  yields rose 1.3bps.”

“Oil climbed 0.7% and gold was broadly unchanged.”


Home sales:

“Existing home sales fell to 5.15m (mkt: 5.29m; last: 5.33m), down 3.4% m/m. Housing is clearly trending down in the US, largely driven by the Fed’s tightening policy. This is the lowest level of sales since November 2015. September resales in the South (-5.4%) were impacted by Hurricane Florence, while sales fell 3.6% in the West, 2.9% in the Northeast and were flat in the Midwest.”

Fed talk:  

“Atlanta Fed president Bostic noted that the economy is performing well and that unemployment is extremely low. The question is, to “what extent can we keep that going? All the answers I can see suggest that is yes,” he said. Dallas president Kaplan added that the Fed should ease their foot off the accelerator as they are “basically” meeting the dual mandate.”

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