The 10 year yield has reversed course to its lowest level in 3 weeks near 3.08% with renewed buying interest garnered in light of the deepening equity route. Gold Futures (/GC) are also showing more signs of life at $1236 after inching back within highs not seen since July thanks to the Volatility Index (VIX) now firmly creeping above $26.5. Oil Futures (/CL) are staging for a 3rd weekly decline ahead of a routine rig count with crude back below $67 a barrel over concerns of demand waning should the global economic engine begin to slow further.
Economic news becomes ever more vital with the latest reveal of GDP coming in at 3.5% which was above its forecast of 3.3% to bring some much needed relief to overnight lows. Consumer Confidence will also be on display later this morning with a reading near 99 expected. Europe will be looking for any real direction from a speech from President Draghi momentarily as trouble around both Italy and Brexit are putting a severe strain on any possibility of growth in the region. Major indexes in the Eurozone are all showing daily losses in excess of 1% to add to its worst combined month since August of 2015 after rates were left unchanged due to unremitting stagnancy. Asia has fared slightly better overnight with a $30 billion currency swap agreement between China and Japan luring in some buyers with bilateral cooperation.
Economic news becomes ever more vital with the latest reveal of GDP coming in at 3.5% which was above its forecast of 3.3% to bring some much needed relief to overnight lows. Consumer Confidence will also be on display later this morning with a reading near 99 expected. Europe will be looking for any real direction from a speech from President Draghi momentarily as trouble around both Italy and Brexit are putting a severe strain on any possibility of growth in the region. Major indexes in the Eurozone are all showing daily losses in excess of 1% to add to its worst combined month since August of 2015 after rates were left unchanged due to unremitting stagnancy. Asia has fared slightly better overnight with a $30 billion currency swap agreement between China and Japan luring in some buyers with bilateral cooperation.
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