From Marc to Market:
Overview: The US dollar has extended its post-employment gains today, helped by firmer rates and several countries seeing downward revisions from the preliminary May PMI. The greenback is trading with a firmer bias against all the G10 currencies and most of the emerging market currencies, including Turkey, India, and China. July WTI gapped higher after the Saudi Arabia announced a voluntary and unilateral cut of one million barrels a day in output starting next month. July WTI opened at $75 after settling near $71.75 before the weekend. However, that was more or less than the high, and it is near $73 now.
The US 10-year yield gapped higher today too and is near 3.73%, a four-day high. European 10-year benchmark yields are 5-7 bp higher. After strong pre-weekend equity gains in the US, most bourses rose in the Asia Pacific regions though China's CSI 300 slipped by almost 0.5%, despite unexpected gains in the Caixin services and composite PMI. Europe's Stoxx 600 is slightly firmer, after rising more than 2.2% in the past two sessions. US equity futures are narrowly mixed. The combination of a stronger dollar and firmer rates saw gold extended pre-weekend losses from about $1948 to about $1938.50. Last week's low was set near $1932, a two-month low....
....MUCH MORE
