Volatility remained high across financial markets yesterday as traders continued to factor in a plethora of fresh updates. US markets took a hit as data came in worse than expected and the pound dropped after a cut from the Bank of England.
The major US indices all fell after a sharp rally on Wednesday and US Treasury yields took a beating with the 10-year falling under 4% for the first time since early January. Oil prices fell as supply concerns from the previous day dropped and Gold drifted off from recent highs.
Investors are expecting more volatility across markets today as they await the latest employment numbers out of the US. The market is now pricing in three rate cuts from the Fed before the end of the year and traders will be looking for tonight’s data to confirm cooling conditions.
| Market | Change | Close |
| Dow | -1.21% | 40,347 |
| S&P | -1.37% | 5,446 |
| Nasdaq | -2.30% | 17,194 |
| USD | +0.3% | 104.34 |
| US Treasury – 2 Year | -15.1 bps | 4.173% |
| US Treasury – 10 Year | -12.0 bps | 3.985% |
| Oil – Brent | -1.6% | $79.52 |
| Oil – WTI | -2.1% | $76.31 |
| Gold | -0.4% | $2,438 |
Today’s Events (AEST):
European Session
- 4.30 pm – Switzerland – CPI data
US Session
- 10.30 pm – US – Non-Farm Employment Change Data
- 10.30pm – US – Average Hourly Earnings Data
- 10.30pm – US – Unemployment Rate Data
