Treasuries Fall Slightly After Equities Rally
The benchmark U.S. 10-year Treasury note closed lower by 3/32 at 98-1/32 with a yield of 4.753%
pressured by a home sales report from the National Association of Realtors.
Treasury prices fell sharply upon release of the report, which showed contract
signings on existing homes climbed 5%.
The EUR/USD, USD/JPY, and EUR/JPY are trading flat this morning on no major
news. The Canadian dollar continues to rise against the U.S. dollar with gains
of 0.7%. Record commodities prices are helping to boost the Canadian dollar’s
Crude oil futures fell 2.2% to $78.25 after the weekly Energy Department
report showed a drop of 6.5 million barrels of crude inventories.
Gold futures gave back fractionally taking its first loss after 3 positive
sessions. Gold was pressured by the steep drop in oil prices.
Soybeans gave back 1%, while corn futures fell 2.5%.
A late rally on Wall Street managed to lift the major averages firmly into
positive territory. Stocks traded sharply lower earlier in the session, after
large overnight declines in Asia and Europe. Beazer Homes shares lost more than
20% as credit market jitters remain the dominant theme, with problems reaching
far beyond the subprime market.
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