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29 September 21

Gold Up, but Near Seven-Week Low as U.S. Bond Yields Climb

Gold was up on Wednesday morning in Asia, remaining near a seven-week low. A dollar near ten-month highs and rising U.S Treasury yields also applied pressure on the safe-haven asset, with expectations of an earlier-than-expected interest rate hike.
Gold futures edged up 0.20% to $1,741.05 by 11:48 PM ET (3:48 AM GMT), after falling to $1,726.19, their lowest level since Aug. 11, on Tuesday. The dollar, which usually moves inversely to gold, inched down on Wednesday but remained near a more than 10-month high touched the day before.
The benchmark U.S. 10-year Treasury yields remained close to an over three-month peak as investors also monitoring a debt-ceiling impasse after Republicans in the Senate blocked a Democrat move to raise the debt limit.
Both U.S. Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen warned that a default due to a failure to raise the debt ceiling would have catastrophic consequences in their testimonies before a Senate Banking Committee hearing on Tuesday. Powell and Yellen will also testify before a House Banking Committee hearing on Thursday.

Dollar Down, But Losses Capped as Markets Enter “Twilight Zone”

The dollar was down on Wednesday morning in Asia, but remained near its strongest levels in 2021. Climbing U.S. Treasury yields investor nervousness about the U.S. Federal Reserve beginning asset tapering as economic challenges start to emerge, all capped losses for the safe-have asset.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.06% to 93.722 by 12:56 AM ET (4:56 AM GMT).
The USD/JPY pair inched up 0.02% to 111.52. Japan’s incumbent Liberal Democratic Party will vote for a leader, likely to be the country’s next prime minister, on Wednesday.
The AUD/USD pair edged up 0.20% to 0.7250 and the NZD/USD pair inched down 0.06% to 0.6951.
The USD/CNY pair edged up 0.12% to 6.4672 and the GBP/USD pair edged up 0.11% to 1.3548.
Benchmark 10-year U.S. Treasury yields were up 25 basis points in five sessions to 1.5548% as the Fed preps to begin asset tapering before the end of 2021 and inflation worries continue.

European Stock Futures Higher; U.S. bond Yields in Focus

European stock markets are expected to open higher Wednesday, rebounding to a degree from the previous session’s sharp losses, but investors continue to fret about higher U.S. bond yields.
At 2:01 AM ET (0610 GMT), the DAX futures contract in Germany traded 0.6% higher, CAC 40 futures in France climbed 0.6% and the FTSE 100 futures contract in the U.K. rose 0.1%.
European investors are closely watching movements in U.S. markets, after higher bond yields prompted sharp losses on Wall Street as well as in Europe. The Nasdaq Composite dropped 2.8% on Tuesday, its largest selloff since March, after the benchmark 10-year Treasury yield climbed to a high of 1.57%. That was in response to Federal Reserve Chairman Jerome Powell telling the Senate Banking Committee that inflation could stay “elevated” longer than the central bank had previously predicted. The selloff pushed the DAX and the CAC 40 down by over 2%.
The 10-year Treasury yield dropped back to 1.53% later Wednesday, helping sentiment in Europe.

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