Markets:
WTI crude oil down 28-cents to $71.18US 10-year yields down 7.4 bps to 4.17%S&P 500 up 0.4%Gold down $6 to 3117CAD leads, EUR lagsThe mood was challenged early in the day on a Washington Post report saying the White House was considering a broad, 20% tariff. That had stock futures lower, Treasury yields down 10 bps across the curve and USD/JPY challenging 149.00. Economic data wasn't much help as the ISM manufacturing numbers slid and prices paid were higher. JOLTS also edged lower.
The turn around came on the same kind of dip buying we saw yesterday but there was also a CNBC report highlighting that Trump was least likely to select the 20% option among three main proposals that he is considering. The report also said the US was working towards country-by-country rates. That was enough to reverse the drop in equities, though it was back-and-forth until late.
Strong gains were posted by the Canadian dollar and Mexican peso in a sign of optimism about tariffs. USD/CAD fell 80 pips on the day to 1.4301 and fell more than a full cent from early US trade.
Wednesday is a big day for markets so we will be strapped in and looking for hints ahead of the 4 pm ET announcement.
This article was written by Adam Button at www.forexlive.com. Read More Details
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