From Marc Chandler at Bannockburn Global Forex:
Overview: For the large rally in US stocks yesterday and the sell-off in the dollar, US rates were surprisingly little changed. This set the tone for today's action, ahead of the US employment data. Asia Pacific equities moved higher and Europe’s Stoxx 600 has edged up to extend yesterday’s rise. The 10-year US Treasury yield is little changed, hovering around 2.91%. European benchmark yields are 1-3 bp higher. The greenback has stabilized after yesterday’s fall. The Antipodeans and Norwegian krone are weakest today, off 0.2%-0.5%. The euro and Canadian dollar are virtually flat. In the emerging market complex, Asian currencies, aside for the Philippine peso are generally outperforming central Europe.
Gold initially extended its two-day (~1.7%) rally to $1874 but has reversed lower. Support is seen in the $1855-$1860 area. July WTI has been turned back from the $117.70 area. It settled near $115.10 last week and is below $116 near midday in Europe. US natgas is extending yesterday’s (~2.4%) retreat. It is off another 2% today. Iron ore rose 1.6% in Singapore. Its 8.6% gain this week is the most in three months, and likely reflects the optimism about the re-opening of Shanghai and lighter restrictions in Beijing. July copper is paring yesterday’s 5.2% surge, its biggest advance this year. It is the third weekly gain. July wheat has stabilized after falling more than 10% in the first two sessions this week. It rose 1.6% yesterday and is up fractionally today....
....MUCH MORE
