US Markets Update - Dollar, Stocks, Treasury Yields Strong
Since the disappointing US new homes sales report hit the wires at 14:00 GMT, the US markets have been surprisingly strong. The benchmark Dow 30 was up over 200 points or 1.85 percent at 11,028. Appetite for return was sending Treasury yields higher across the shallow end of the curve. The two-year note yield was up 6 bps to 2.018 and the three-month T-bill yield rallied 15 bps to 0.61. The improvement in these markets seemed to have some localization on the US (as opposed to being a global rebound in risk appetite) as dollar marked a hearty intraday rally against most of its major counterparts. EURUSD slipped nearly 100 points from 14:00 GMT, GBPUSD dropped 125 and USDJPY was up 70 points.
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