Forexlive European FX news wrap 24 Sep – Treasury yields extend gains on PBoC stimulus

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Markets:

  • NZD leads, JPY lags on the day
  • European equities higher;
    S&P 500 futures up 0.03%
  • US 10-year yields up 4 bps to
    3.791%
  • Gold
    up 0.08% to $2,630
  • WTI
    crude up 2.49% to $72.13
  • Bitcoin
    up 0.28% to $63,517

It’s been a
quiet session in terms of data releases with just the German IFO on the agenda.
The data was a touch softer than expected but no big deal. We got ECB’s Muller opening
the door for a cut in October with the market now pricing in a 95% probability
of a 25 bps move.

In the
markets, the surprising announcement of a big stimulus from Chinese officials
is still reverberating with commodities like copper and crude oil up notably on
the day. Treasury yields are also up as the market is now focusing on global
growth.

The focus
will now switch to the US consumer confidence and the labour market details in
the report. Looking forward, a pick-up in the US data in the next weeks and months
could see long term Treasury yields rising further.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

Go to Forexlive

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