Here’s How The CPI Data Moved The US Dollar
A higher than expected reading
in the consumer price index pushed Treasuries down for a second consecutive day,
while positive industrial production and housing data gave stocks another up
day. Â
Equity
US stocks spent most of today’s session
oscillating between positive and negative territory but managed to finish above
water at the end of the day. Today’s winners included the large-cap
pharmaceuticals, systems software, auto, diversified financials and managed
health industries. Thrifts and mortgage lenders led the decliners after US
legislators indicated that this particular segment of the financial services
industry will have more stringent over-sight. The Nasdaq future
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down 6.50 to close at 1239.50. The S&P 500 contract
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1009.60,
and the Dow
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Fixed Income
U.S. Treasuries were hit by a stronger than anticipated CPI
number, which eased overall expectations for deflation on the part of investors.
The 10 year futures contract
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was down 1-04 at 120-19; and the five year note was down -170 at 115-300
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Metals
July gold
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lower by .2 at 4.61. Copper had a nice pop higher by 2.00 at
78.10
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.6510 as a result of a stronger than expect IP realease..
Energy
July crude
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at 5.712
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Currencies
The dollar broke was again higher due to
narrowing interest rate differentials, which were caused by the higher CPI
number. The USD index
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finished at 93.07.