US 10-year yields up 2 bps to 4.27%WTI crude oil down 17-cens to $65.07Gold down $54 to $3273S&P 500 closes up 0.5% to recordEUR leads, CAD lags
The day started with the PCE data and it painted a tough picture for policymakers as core inflation ran hot but spending cooled in something of a stagflationary impulse. That led to some early US dollar selling and the euro hit a fresh three-year high at 1.1750. That move didn't last long as selling pulled it back to 1.1715 at the European close. I suspect there might have been some flow-driven USD buying ahead of quarter end as it was a broader move.
But the TACO trade kicked in late with the market concluding it's all a negotiating tactic and the S&P 500 closing up 32 points. USD/CAD gave back nearly all the gain as well and the dollar is doing the same on some other fronts.
Have a great weekend.
This article was written by Adam Button at www.forexlive.com. Read More Details
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