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Market Report: Global Markets Start the Week on a Weaker Note

PART:
1 2 3 4 5
Part 4
Market Report: Global Markets Start the Week on a Weaker Note PART 4 OF 5

US Dollar Index and Treasury Yields Are Mixed in the Early Hours

US Dollar Index

After declining for six consecutive trading weeks, the US Dollar Index closed last week almost flat at three-year low price levels. On Monday, the US Dollar Index opened the day lower and traded with mixed sentiment below opening prices in the early hours.

US Dollar Index and Treasury Yields Are Mixed in the Early Hours

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Market sentiment

The market sentiment on the US Dollar Index was weak at the beginning of the week and weighed on the index. However, the sentiment improved on Friday following the release of stronger-than-expected US employment data. According to the Bureau of Labor Statistics, January’s US non-farm payrolls surged to 200,000 from 160,000 recorded in December 2017. The increase boosted the US Dollar Index on Friday. The yearly increase in wages surged to 2.6%—the fastest wage increase since 2009.

At 4:30 AM EST on February 5, the US Dollar Index was trading at 89.03—a drop of 0.19%.

US Treasury yields

Treasury yields gained momentum last week and surged. The ten-year Treasury yield passed four-year high levels. The release of stronger-than-expected January jobs data boosted Treasury yields at the end of last week. Treasury yields are mixed in the early hours on Monday.

Below are the movements in Treasury yields as of 4:30 AM EST on February 5.

  • The ten-year Treasury yield was trading at 2.849—a fall of ~0.11%.
  • The 30-year Treasury yield was trading at 3.105—a rise of ~0.34%.
  • The five-year Treasury yield was trading at 2.577—a fall of ~0.82%.
  • The two-year Treasury yield was trading at 2.137—a fall of ~0.72%.

The iShares 20+ Year Treasury Bond (TLT) fell 0.93%. The ProShares UltraPro Short 20+ Year Treasury (TTT) and the ProShares UltraShort 20+ Year Treasury (TBT) rose 2.9% and 1.8%, respectively, on February 2.

Bitcoin

Bitcoin traded with weakness in four out of five trading days last week and recorded the fourth-consecutive weekly decline. The sell-off of cryptocurrencies deepened amid increasing concerns about regulatory pressures. Lloyds Banking Group, which is a major British financial institution, banned its credit card customers from buying bitcoin. At 4:40 AM EST, the Bitcoin-US Dollar contract was trading at $7,937.4—a fall of 11%.

Next, we’ll discuss how commodities performed in the early hours on February 5.

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