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News For NOSYMBOL From The Last 14 Days
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November 24, 2015
14:10 EDTFX Action: USD-JPY continues to hold
FX Action: USD-JPY continues to hold above the 122.35 level, which represents the 20-day moving average. A break there brings the November 16 base of 122.23 into focus. With uncertainty over the BoJ's policy path, there appears to be some scope for downside follow through, though analysts continue to think the Bank will beef up its QE program at some point, if not in December, then in early 2016.
14:05 EDTTreasury Action: Treasury announced an early close for the 7-year auction
Treasury Action: Treasury announced an early close for the 7-year auction on Wednesday (11:30 ET), cognizant of the light trading conditions ahead of the holiday. Though SIFMA has recommended an early close for the bond market on Friday, and not for Wednesday, the market will nevertheless empty early tomorrow after the data deluge and the auction. Tomorrow's economic slate has personal income, consumption, durable goods, new home sales, initial jobless claims, consumer sentiment, the FHFA home price index, and the Markit flash services PMI.
13:15 EDTTreasury 5-year auction saw mixed but tepid results
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13:15 EDTTreasury Action: yields extended their rise
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12:40 EDTTreasury 5-year auction preview: there remains cautious optimism
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12:20 EDTU.S. equities snapped back from lows with Europe
U.S. equities snapped back from lows with Europe bourses closing above their deepest levels on the session following the Turkish incident. That's given the major U.S. indices a lift from earlier lows with the Dow back in the green and S&P and NASDAQ in shallow negative territory. The German DAX was off by nearly 2% at one stage before paring that back to -1.4%. Travel and tourism sectors were hit by the recent terror events and Turkey-Russia tension, along with the State Department travel warning, but with WTI back above $43 after short-covering that has put Chevron +2.0%, Exxon +1.9% at the top of the heap in the Dow, and Apple is +1.2% too. On the downside, Merck -1.4%, AMEX -1.1% and UT -1.1% are the deepest decliners. Meanwhile, the Obama-Hollande presser has started, reaffirming their joint positions against terror.
12:05 EDTEuro$ interest rate futures are mixed
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12:00 EDTThe Q3 U.S. GDP growth boost
The Q3 U.S. GDP growth boost implies a hike in Q3 productivity growth to 2.4% from 1.5%, after Q2 growth of 3.5%, alongside an output growth boost to 2.0% from 1.2% after a 5.1% Q2 clip. Analysts look poised for a similar boost in Q3 compensation growth, to 3.8% from 3.0% after a 1.7% Q2 climb that leaves an unrevised unit labor cost increase of 1.4% in Q3 from -1.8% in Q2. Analysts also saw big upward income revisions for both Q2 and Q3 that sharply raised the savings rate, as will be reinforced in tomorrow's monthly personal income report. The higher savings rate could be seen as evidence of greater household caution, though it also leaves room for a stronger consumption path into 2016. Analysts now have income growth of 5.1% instead of 4.6% in Q3, and 5.3% instead of 3.8% in Q4. The saving rate is now reported to have averaged 5.2% in Q3 instead of 4.7%, following a Q2 rate of 5.0% instead of 4.6%.
11:45 EDTTreasury's $13 B 2-year FRN reopening was awarded at 0.216%
Treasury's $13 B 2-year FRN reopening was awarded at 0.216%, a little cheaper than the 0.168% for the October new issue. There were $40.4 B in bids for a 3.11 cover, little changed from the 3.10 for the $15 B new issue. Indirect bidders took 44.4%, a little below last month's 49.6%.
11:05 EDTFX Action: USD-CAD has rallied
FX Action: USD-CAD has rallied from earlier lows of 1.3315, trading to 1.3355 highs. The move down earlier coincided with oil's geopolitical march to $43.45, two-week highs, though WTI's dip back under $42.70 has taken some wind out of the CAD's sails. Uncertainty in the mid-east should keep oil prices volatile for the time being, and as a result, USD-CAD could remain jumpy as well.
10:55 EDTToday's U.S. reports
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10:45 EDTTreasury 5-year auction outlook: traders are cautiously optimistic
Treasury 5-year auction outlook: traders are cautiously optimistic on the sale after a decent bid in the 2-year offering yesterday. The wi has richened a bit today, however, following the increased demand for safety after Turkey downed a Russian fighter jet. The rate is down 2 basis points to 1.655%, though it would still be the highest since the June sale. The narrow 206 basis point spread to the 30-year bond should be attractive too, as it's the flattest since the spring. The 181 basis point yield premium to the German 5-year, which trades at -0.15% should bring in a solid bid from foreign accounts. The advent of a potential Fed rate hike could keep some potential buyers sidelined, however. The October auction stopped at 1.415% and saw a 2.43 cover (2.50 average) and a 58.9% indirect bid (59.9% average).
10:40 EDTTreasury Option Action: talk of bearish "mega packages"
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10:20 EDTTreasury Action: yields rebounded from lows
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10:20 EDTU.S. Richmond Fed index dropped to -3 in November
U.S. Richmond Fed index dropped to -3 in November after having risen 4 points to -1 in October from the -5 print for September. This runs the string of negative prints to 3 straight months, not seen since the summer of 2012. Meanwhile, the -5 print remains the lowest since January 2013. The employment index fell to 0 from 3, with the workweek at -3 from -5. Wages plunged to 6 from 17. And new order volume crumbled to -6 from unchanged. Price trends showed the prices paid rising 0.61% from 0.58% with prices received climbing 0.22% from -0.10%. The 6-month shipment index was halved to 21 from 42, with employment sliding to 11 from 19, wages declining to 22 from 37, and prices paid rising 1.21% from 0.78%.
10:20 EDTFX Action: The dollar fell marginally
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10:15 EDTU.S. consumer confidence dropped 8.7 points to 90.4 in November
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10:05 EDTTerror concerns leads to weak open
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10:02 EDTRichmond Fed Manufacturing Index Level data reported
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10:01 EDTConsumer Confidence data reported
November Consumer Confidence at 90.4 vs. consensus of 99.6
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