Home Sales Data Sends Bonds Higher, Dollar Lower
In today’s economic news,
the Department of Commerce reported Durable Goods Orders rose 2.6% in February (report).
The rise was more than expected after January’s revised 8.9% decline. However,
New Home Sales data for the month of February, also reported by the Commerce
Department, came in below expectations. Sales fell 10.5% for the month and are
down 13.4% year-over-year.
The new home sales data had more impact on the bond market, sending Treasuries
higher. For the week, the 10yr closed almost flat, while the 5yr and 2yr T-notes
closed modestly lower. The yield on the 10yr closed at 4.675%.
The Dollar Index closed lower on Friday, ending a strong four-day advance. The
Dollar’s biggest losses came versus the AUD, Euro and GBP.
Crude Oil closed moderately higher, to end the week almost exactly where it
started. Unleaded Gas and Heating Oil posted slight losses for the week, while
Natural Gas was the only riser.
In the metals, Gold, Silver and Copper all closed higher.
Cotton was the only loser among the softs, falling 0.92%. Lumber rose 1.09%
despite the negative housing news and Sugar closed higher by 1.66%.
The grains were lower, with the exception of Soybean Oil which rose 0.81%.
Both Live and Feeder Cattle declined, while Lean Hogs and Pork Bellies ended the
week with a rise.
Durable Goods Orders
Up 2.6% For Feb. (report)
New Home Sales Down 10.5% To Rate Of 1.08 Mln. Unit (report)
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