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Macro Roundup (May 23)
2023-5-23
This is a roundup of global macroeconomic news last night and what is expected today.
The dollar rose against the Japanese yen on Monday, holding just below a six-month high, as investors waited on fresh data to signal whether the U.S. Federal Reserve is likely to continue hiking interest rates, while watching for news of a congressional deal to raise the U.S. debt ceiling.
The greenback has gained for the past two weeks as stronger than expected economic reports and hawkish Fed officials keep the prospect of further interest rate increases alive.
“The dollar had a nice two-week bounce, helped by rising U.S. interest rates,” said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.
U.S. Treasury yields rose on Monday as investors monitored debt ceiling deal negotiations and assessed what could be next for Federal Reserve interest rate policy after mixed messages from officials.
The 10-year Treasury added nearly 3 basis points to 3.721%. The yield on the 2-year Treasury was last up about 4 basis points at 4.328%.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Oil prices edged up 1% on Monday with a rise in U.S. gasoline futures and forecasts for oil demand to rise in the second half of the year, while supplies from Canada and OPEC+ declined in recent weeks.
Oil prices, however, were held in check by a stronger dollar and as the market waited for news on the U.S. debt ceiling talks.
Brent crude futures for July delivery rose 41 cents, or 0.5%, to settle at $75.99 a barrel.
U.S. West Texas Intermediate (WTI) crude for June delivery rose 44 cents, or 0.6%, to settle at $71.99 per barrel, while the more active July contract, which is now the new front-month, rose 0.5% to settle at $72.05.
Gold prices inched lower as hawkish comments from two U.S. Federal Reserve officials on Monday weighed on non-yielding bullion and markets looked for more clarity around U.S. debt ceiling negotiations.
Spot gold was down 0.1% to $1,974.90 per ounce. U.S. gold futures settled 0.2% lower at $1,977.10.
The dollar rose against the Japanese yen on Monday, holding just below a six-month high, as investors waited on fresh data to signal whether the U.S. Federal Reserve is likely to continue hiking interest rates, while watching for news of a congressional deal to raise the U.S. debt ceiling.
The greenback has gained for the past two weeks as stronger than expected economic reports and hawkish Fed officials keep the prospect of further interest rate increases alive.
“The dollar had a nice two-week bounce, helped by rising U.S. interest rates,” said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.
U.S. Treasury yields rose on Monday as investors monitored debt ceiling deal negotiations and assessed what could be next for Federal Reserve interest rate policy after mixed messages from officials.
The 10-year Treasury added nearly 3 basis points to 3.721%. The yield on the 2-year Treasury was last up about 4 basis points at 4.328%.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Oil prices edged up 1% on Monday with a rise in U.S. gasoline futures and forecasts for oil demand to rise in the second half of the year, while supplies from Canada and OPEC+ declined in recent weeks.
Oil prices, however, were held in check by a stronger dollar and as the market waited for news on the U.S. debt ceiling talks.
Brent crude futures for July delivery rose 41 cents, or 0.5%, to settle at $75.99 a barrel.
U.S. West Texas Intermediate (WTI) crude for June delivery rose 44 cents, or 0.6%, to settle at $71.99 per barrel, while the more active July contract, which is now the new front-month, rose 0.5% to settle at $72.05.
Gold prices inched lower as hawkish comments from two U.S. Federal Reserve officials on Monday weighed on non-yielding bullion and markets looked for more clarity around U.S. debt ceiling negotiations.
Spot gold was down 0.1% to $1,974.90 per ounce. U.S. gold futures settled 0.2% lower at $1,977.10.
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