MacroBusiness
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at 8:30 am on August 5, 2021 | 0 comments
A strange one-two punch overnight on the back of US economic prints, namely a disappointing private jobs data print and then a booming service PMI, all wrapped in a nice ball by the latest round of Fed hawkish comments sending Wall Street lower and currency volatility through the roof. Never a dull moment! Treasury yields also roundtripped but ended up where they started with the 10 year still at multi month lows while commodity markets finished clearly to the downside, with oil selling off another 3%, copper down 1% and gold doing its undollar thing with a near $50 roundtrip but still closing above the $1800USD per ounce level.