Treasury Bonds and Notes Surge on Good Auction Results
December Treasury Bonds and Treasury Notes surged in the
afternoon following better than expected results from todayâ€™s $42 billion
5-Year Treasury Note auction. The decline in U.S. 3rd Quarter GDP provided
support earlier in the trading session along with weaker equity prices.The strong interest in fixed income
instruments could be a sign that investors are looking for protection from risky
assets in safe-haven assets like the Treasuries.All of this activity points toward
perceptions that the U.S.
economy is still in a weak state.
Equity futures sold off early in the trading session and
remained rangebound throughout the day in thin, lifeless trading. The
combination of the weak GDP number and lower consumer confidence helped to
encourage selling early in the trading session.Technically, the S&P 500 and the NASDAQ are the weakest
markets.Both produced closing price
reversal tops last week and both failed to make new highs for the year. Signs
that the economy will remain in a weak state are beginning to weigh on tradersâ€™
minds leading some to take a little money off of the table.
markets helped prop up the Dollar on Tuesday as traders became more averse to
higher risk assets.Trading conditions
were thin and lifeless which made it difficult to determine if todayâ€™s action
was being triggered by holiday liquidation or U.S. economic reports.Nonetheless, the trading action was not
normal which set-up the possibility of bull and bear traps throughout the day.
Traders were also indifferent to a better-than-expected
improvement in November Consumer Confidence.This news failed to fuel a rally in equities but helped underpin the
Early in the trading session, Chinaâ€™s bank regulator warned
Chinese lenders that they would have to strictly comply with capital
requirements or face serious consequences.If this announcement leads to a tightening of credit, then it could have
a negative effect on Chinaâ€™s
expansion and commodity-based currencies.
The December Euro finished virtually unchanged today on
light volume. This morningâ€™s Ifo economic sentiment survey showed that German
confidence increased more than economists forecast.This report is provided support for the Euro
today.Technically, this market is still
struggling with the psychological $1.5000 barrier.
Aversion to risk helped the Dollar gain against most
currencies with the exception of the Japanese Yen.Repatriation as well as weak U.S. economic
news pressured the Dollar versus the Yen.
December Gold held steady to better today in tight, low
volume trading. The lack of direction in the Dollar and this weekâ€™s U.S. holiday
kept bullish traders on the sidelines.
January Crude Oil finished lower on weaker stocks and
a stronger Dollar.Reports showing the U.S.
economy is faltering also weighed on crude oil as they suggest that
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