From Marc to Market:
Overview: The US dollar is mostly firmer today. Among the G10 currencies, strong wage data and softer US 10-year yield is helping the yen defy the dollar's tug. It is up almost 0.2%. On the other hand, pressure on sterling and the UK Gilts has continued. The pound took out last year's low near $1.23 today and was pressed to $1.2240. The 10-year yield is rising for the fourth consecutive session and is near 4.85%, up nearly 25 bp this week. Fiscal concerns amplified by weak growth appears to be the main culprit. Emerging market currencies are a little softer, led by the Mexican peso's 0.2% loss. The South African rand and Malaysian ringgit are the chief exceptions (apart from the Russian ruble.
Equities are mixed. Nearly all the markets in Asia Pacific fell, with the Japan's Topix and Taiwan's Taiex off more than 1%. South Korea's Kospi eked out a miniscule gain to be the chief exception. Europe's Stoxx 600 is recouping most of the yesterday's 0.2% slippage. US index futures are lower, but the cash market is closed today and will not re-open until after tomorrow's US employment data. European benchmark 10-year yield are mostly 1-3 bp higher. The 10-year Treasury yield is off a couple basis points to slightly below 4.70%. Gold is firm, slightly below yesterday's high near $2670. It looks poised to test $2700 in the coming sessions. February WTI reversed low after reaching a three-month high yesterday near $75.30. It settled nearly $2 off its high. Losses were extended to $72.85 today before returning to yesterday's settlement.
USD: The US stock market is closed, and the bond market will close early to mark President Carter's funeral....
....MUCH MORE
