USD pushes to highs vs the major currencies as yields move higher/gold lower/stocks off highs


10 and 30 year yields and yield curve steepens

The US yields continued the run higher with the 30 year now at 2.06%. The 10 year yield move to the highest level in a year today as well and currently trades at 1.25%.  The yield curve spreads are also widening with the 2-10 year spread up to 113.71 basis points vs. 109.92 basis points at the close yesterday. 

10 and 30 year yields and yield curve steepens

The higher yields are leading to a higher dollar. The greenback is trading at highs vs. all the major currencies. The dollar was lower earlier in the day, but as reversed all those declines and moved lower.  The USDCAD as the biggest pip move with a gain of 54 pips on the day in the snapshot below. 

The dollar is trading at session lows

The higher dollar/higher yields has also helped to send the price of . It currently trades back below the $1800 level and is looking toward a trendline at $1790.90. A break of that level would have traders looking toward the 50% retracement of the move up from the March 2020 swing low at $1763.51. Back in November, the price tested that level only to bounce back higher.

Spot gold is trading lower
US stocks are also getting hit a bit in premarket trading and giving up some of their earlier gains on the higher yields/higher dollar/lower gold macro dynamics.
PS crude oil futures are are trading up $0.40 as a Arctic chill blankets the US. Texas power demand is exceeding production and leading to rolling blackouts with temperatures near single digits. Current price of WTI crude oil futures are trading up $0.49 or 0.79% $59.96. The high price did extend to $60.33.
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