From Marc to Market:
Overview: The dollar is bid going into the December jobs report. After selling off into the end of last year, it has recovered this week. The five-day moving average is crossing the 20-day moving average against several of the currency pairs, capturing the shift in momentum. The greenback's gains have as interest rates have jumped. The 10-year Treasury yield finished last year near 3.88% and is now near 4.04%. European benchmark rates have mostly risen 15-20 bp this week, though the 10-year Gilt yield is up almost 28 bp. The market has downgraded the odds of a March cut by the Federal Reserve to around 68% from 100% at the end of 2023.....MUCH MORE
Stocks have been hit by profit-taking to start this year. China's CSI 300 and Hang Seng have fallen every day this week for about a 3% drop. Europe's Stoxx 600 is giving back yesterday's gains and is off a little more than 2% this week. US index futures are trading heavily, pointing to the fifth drop for the S&P 500 and sixth consecutive fall for the NASDAQ. Gold is trading heavier. The yellow metal is trading lower for the fifth session in the past six as rising rates and a firmer dollar sap its recent strength. A break of the $2030 area could spur losses toward $2000-$2015. February WTI is steady in the $72-$73 range. It finished November near $76 and settled in December around $71.65...
