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U.S. long-term Treasury bond yields fall back U.S. dollar index falls on 14th

2024-05-15

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As long-term U.S. Treasury bond yields fell, the U.S. dollar fell against a basket of currencies except the Japanese yen on the 14th. The U.S. dollar index (105.0456, 0.0288, 0.03%) consolidated in a narrow range in the overnight market. It fell in shock in the morning of the day, and then continued to consolidate in a narrow range. , the U.S. dollar index fell in late trading.

The U.S. dollar index, which measures the U.S. dollar against six major currencies, fell 0.19% that day and closed at 105.013 in late foreign exchange trading.

The U.S. 10-year Treasury bond yield fell in the overnight market. After briefly rising higher in the morning, the decline expanded, falling by about 4.5 basis points that day.

Data released by the U.S. Department of Labor early that morning showed that the U.S. producer price index rose by 0.5% month-on-month in April, significantly higher than market expectations of 0.3%. The March data was adjusted from a month-on-month increase of 0.2% to a month-on-month decrease. 0.1%. The U.S. producer price index rose by 2.2% year-on-year in April, in line with market expectations. The year-on-year increase in March was revised from 2.1% to 1.8%.

Federal Reserve Chairman Powell said that due to adjustments to March data, the producer price index released that day was mixed.

Thierry Albert Wizman, global foreign exchange and interest rate strategist at Macquarie, said that the upcoming U.S. consumer price index may provide more insights into the speed of the Federal Reserve's interest rate cuts. But the data is unlikely to convince policymakers that inflation has slowed enough to warrant a rate cut in the near future. The Fed may not cut interest rates this year, and if it does, it will be later this year.

Brad Bechtel, executive director of the investment bank Jefferies Group and head of global foreign exchange business, said that the U.S. dollar index is in a neutral range, as if people have cleared their positions and are waiting for U.S. consumer data to be released on the 15th. price index.

Bechtel believes that arbitrage trade positions in the market are still holding up well, with the Australian dollar against the yen, the Mexican peso against the yen, and even the U.S. dollar against the yen. (156.49, 0.0700, 0.04%) risk appetite still exists.

Huw Pill, chief economist of the Bank of England, said earlier in the day that there is reason to believe that there will be enough confidence to consider cutting interest rates this summer. This speech stimulated the pound (1.2587, -0.0003, -0.02%) to fall significantly for a time.

As of the end of the New York market, 1 euro (1.0815, -0.0002, -0.02%) was exchanged for 1.0820 U.S. dollars, higher than the previous trading day's 1.0790 U.S. dollars; 1 pound was exchanged for 1.2589 U.S. dollars, higher than the previous trading day's 1.2558 U.S. dollars.

1 U.S. dollar was exchanged for 156.43 Japanese yen, higher than 156.20 yen on the previous trading day; 1 U.S. dollar was exchanged for 0.9067 Swiss francs, lower than 0.9081 Swiss francs on the previous trading day; 1 U.S. dollar was exchanged for 1.3652 Canadian dollars, lower than the previous trading day 1.3670 Canadian dollars; 1 U.S. dollar exchanged for 10.8175 Swedish krona, down from 10.8391 Swedish kronor in the previous trading day.

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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U.S. long-term Treasury bond yields fall back U.S. dollar index falls on 14th

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