Markets:
Gold down $28 to $3287US 10-year yields down 1.2 bps to 4.16%WTI crude oil down $2..26 to $58.17 -- lowest close since 2021S&P 500 up 0.1%The rates market shifted dovishly after weaker GDP and ADP but the dollar rose anyway.
It was a busy news day and the US dollar was strong against European currencies but sagged during the day against the commodity currencies. Equities also made a huge comeback from -2% to flat. That's the kind of move you would expect on positive trade news but there wasn't much, aside from a Chinese report saying that US officials had called to talk, and most of the moves came before that report.
Month end is an obvious culprit and a convincing one. Some might point to higher inflation in the GDP report as a catalyst but the PCE data showed a decelerating trend in the quarter with core PCE at +0.337% in January, +0.498% in February, and +0.028% in March. In addition, oil prices just wrapped up a catastrophic month, which is deflationary pressure. Still, lower inflation is hardly a USD catalyst, unless your main worry is that the Fed is so far behind the curve that a brutal recession looms.
The loonie got a lift from Trump's positive comments about Carney and the planned visit with the newly-elected Canadian PM.
This article was written by Adam Button at www.forexlive.com. Read More Details
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