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Money Market Recap & Forecast from the Daily Communicator: June 21, 2010
June 21st, 2010
Written by Frost Mortgage
Last week was mixed for U.S. Treasuries. A combination of friendly economic reports, lingering questions about the global economy and mixed messages regarding Spain’s financial situation kept buying in government debt steady to strong.
But there were a few bumps. On Monday a big rise in the euro took its toll on Treasuries.
On Tuesday the NY Empire State index of June manufacturing conditions rose to 19.57 from 19.11, but analysts expected 20. Separately, the sentiment survey of residential homebuilders in June fell to 17 from 22 — the lowest since March. These reports should have helped Treasuries, but a massive rally on Wall Street due to the increase in the euro left Treasuries in the dust.
Treasuries turned it around on Wednesday. It began with a huge drop in May housing starts. They fell 10% to an annual rate of 593,000 units from 659,000, and building permits slipped 5.9% from April.
If you’re interested in reading the entire report, published every day and packed with valuable information you can use in your business from mortgage industry leader Greg Frost, please visit The Daily Communicator: http://www.thedailycommunicator.com/
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Money Market Recap & Forecast from the Daily Communicator
June 14th, 2010
Written by Frost Mortgage
Although there was little economic news to influence traders early in the week, the benchmark 10-year note started out strong. The continued decline of the euro pushed stock prices down on concerns about its effect on the global economy. The rush to the safe haven of U.S. Treasuries continued.
The 10-year yield, which moves inversely to price, closed at 3.15% and stayed in that area until Thursday.
Wednesday’s Fed beige book release showed signs of economic improvement in the nation’s 12 federal districts, which provoked light selling. But the report stated that economic growth was mild, slowed by the Gulf oil spill and the economic situation in Europe.
Treasuries were hit Thursday. First-time jobless claims for the week ended June 5 fell by 3,000 to 459,000, and the four-week average rose to 463,000.
If you’re interested in reading the entire report, published every day and packed with valuable information you can use in your business from mortgage industry leader Greg Frost, please visit The Daily Communicator: http://www.thedailycommunicator.com/
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