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Esoteric Forex Drama Blasts Bonds, Maybe
Esoteric Forex Drama Blasts Bonds, Maybe
Friday was very much NOT on the beaten path of typical bond market considerations with most of the selling arguably stemming from Japanese currency intervention. We've seen similar episodes in the past, but today's installment came with a twist. In addition to Japan confirming it was selling foreign bonds to prop up Yen values, the U.S. Treasury also apparently got involved. It warned dealers that it could make trades to support the Yen. No one but those involved knows if that means anything beyond using the ESF to execute currency trades, but the net effect seems to have been to grease the skids for U.S. accounts to sell Treasuries first and ask questions later. This isn't necessarily the final story either. It was also month-end, and it's also the week before the jobs report on a summertime Friday. Volume was fairly light relative to the size of the sell-off.
Esoteric Forex Drama Blasts Bonds, Maybe
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Jul 31 | |||||
| 8:30AM | Q2 Employment costs (%) | Q2 | 0.9% | 0.8% | 0.9% |
| 9:45AM | Jul Chicago PMI | Jul | 57.6 | 56 | 56.7 |
| 10:00AM | Jul U Mich conditions | Jul | 54.8 | 54.9 | 47.7 |
| 10:00AM | Jul Consumer Sentiment (ip) | Jul | 55.2 | 54.0 | 49.5 |
| 10:00AM | Jul Sentiment: 1y Inflation (%) | Jul | 4.2% | 4.2% | 4.6% |
| 10:00AM | Jul Sentiment: 5y Inflation (%) | Jul | 3.3% | 3.3% | 3.3% |
| Monday, Aug 03 | |||||
| 9:45AM | Jul S&P Global Manuf. PMI | Jul | 53.8 | 53.9 | |
| 10:00AM | Jul ISM Mfg Prices Paid | Jul | 70 | 73.0 | |
| 10:00AM | Jul ISM Manufacturing PMI | Jul | 54 | 53.3 | |
| 10:00AM | Jul ISM Manufacturing Employment | Jul | 49.7 | ||
| 10:00AM | Jun Construction spending (%) | Jun | 0.2% | 0.1% | |
| 2:00PM | Loan Officer Survey | ||||
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