Why The Auto Sales Data Moved The Currency And Metals Markets.
The bond markets took their
cue from the better-than-expected data
releases, while equities ignored them all together.
Equities
The equity markets ignored the better-than-expected economic data, as investors are preferring to wait for next week’s heavy
earnings schedule. The S&P
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and the Dow
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was down 8.50 to close at 1029.50.
Fixed Income
US Treasuries softened today
in another choppy session. Prices fell after stronger-than-expected retail
sales, PPI and University of Michigan sentiment figures. The 10 year contract
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was down 0-075, closing at 114-040; the 30 year
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closing at 111-15; and the five year note finished
down 0-075 to close at 112-305
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Metals
The base metals were higher today on the back of
a better-than-expected auto sales component of the retail sales number. As such,
copper was up 1.10 to finish at 72.55
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was slightly stronger by 1.20 to finish at 328.50
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Energy
Crude rose on expectations that it may take
longer than originally expected for Iraq to repair oil fields and restore full
production and exports. As such, crude was up .68 to close at 28.14
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Natural gas futures were down by .008 and closed at 5.411
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Currencies
The US dollar finished higher against the major
currencies except the commodity-heavy Canadian and Australian dollars, which
strengthened on the back of better auto sales numbers. Overall, the USD index
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up .36 today and
finished at 100.56.