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Stock Market & Financial Investment News

News For NOSYMBOL From The Last 14 Days
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August 4, 2015
16:22 EDT 4-Week Bill Auction to be released at 11:30
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16:22 EDTWeek of 8/15 Redbook to be released at 08:55
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15:20 EDTTreasury Closing Summary:
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14:40 EDTFX Action: USD-CAD printed the 1.32 handle
FX Action: USD-CAD printed the 1.32 handle, peaking at 1.3202, and following the greenback broadly higher after hawkish Fedspeak (see our 13:52 ET alert). Option offers and intra day profit taking reportedly stopped the rise, though with 1.32 now out of the barn, further gains will be easier on Wednesday, depending on how data and commodities play out.
14:30 EDTEuro$ interest rate futures took a hit
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14:19 EDTMarket moves to session lows
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14:15 EDTCanada Trade Preview
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14:00 EDTFed's Lockhart says there is a "high bar right now to not acting" on rates
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14:00 EDTTreasury Action: yields snapped to attention after Lockhart
Treasury Action: yields snapped to attention after Lockhart turned hawkish and said in a WSJ interview that "it would take a significant deterioration in the economic picture" for the Fed to hold off on rate hikes. The Atlanta Fed president has generally been more on the fence as a moderately dovish former hawk, so this caught the bond market on the hop. The T-note yield popped back over 2.20% to session highs after clearing out the 2.17% pivot earlier and basing near 2.14% yesterday. That's spawned some renewed bearish curve flattening, however, as the 2-year yield jumped from 0.68% to clear 0.72% and the 2s-10s spread slipped back to +148 bp as a result from the +150 bp area.
13:55 EDTFX Action: USD-CAD is hovering just under 1.3150
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13:40 EDTEnergy Action: NYMEX crude has been relatively quiet
Energy Action: NYMEX crude has been relatively quiet through the session, topping out at $46.22, and putting in a floor at $45.64. Short covering following yesterday's sharp losses has been the main supportive factor today, though once this runs its course, many look for a near term test of the key $45 level. RBOB gasoline hovers just above $1.68/gallon, just a penny above Monday's five-month low, while natural gas rallied to four-session highs of $2.79/M BTU on warmer U.S. temperature forecasts for the remainder of the week.
12:55 EDTFX Action: Not a lot to say about USD-JPY
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12:55 EDTU.S. equities are above earlier lows
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12:40 EDTTreasury Action: the August refunding announcement is on tap
Treasury Action: the August refunding announcement is on tap Wednesday morning. Analysts don't expect any surprises in terms of current issuance or the future auction cycle. The refunding should include a $24 B 3-year note, a $24 B 10-year, and a $16 B 30-year, all sizes unchanged from quarterly issuance since November 2014. The auctions are slated for next Tuesday, Wednesday, Thursday. Monday the debt managers announced a $127 B financing need for this quarter, revised up from $66 B projected last quarter due to the higher September 30 cash balance assumed (now $225 B versus $175 B previously). Q4 borrowing is estimated at $270 B with a December 31 cash balance of $275 B. Remember the Treasury changed its cash balance policy a year ago, deciding to hold substantially higher balances given the cash flow difficulties involved with events like 911 and Superstorm Sandy.
11:45 EDTTreasury's $40 B 4-week bill sale was mundane
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11:30 EDTU.S. corporate bond update:
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10:45 EDTTreasury Option Action: bearish positioning in bonds
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10:35 EDTToday's U.S. factory goods figures
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10:25 EDTTreasury Action: bonds stumbled out the gate today
Treasury Action: bonds stumbled out the gate today amid weakness in European sovereigns. Profit taking on overbought conditions following strong month-end buying on Friday helped pace the declines, especially as the July employment report looms. Unwinding of flattening trades is also weighing a bit on the long end, where the 10-year rate is over 3 bps higher at 2.18%, with the 30-year yield up 3 bps to 2.88%. The advent of the May refunding next week is also pressuring. The 2s-10s spread has widened 2 bps to 150 bps after compressing to 148 bps Monday, the narrowest since May 27. The spread was as wide as 178 bps on July 13. Curve flattening has been in vogue since mid-July amid tame inflation expectations on the back of the rout in commodity pries, and on expectations of Fed tightening outlooks for September.
10:25 EDTFX Action: The dollar faded
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1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | all recent NOSYMBOL news | >>

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