Markets:
- Gold up $7 to $2171
- Bitcoin rises to $71,000, up nearly 12% from Friday’s close
- S&P 500 down 0.3%
- WTI crude up $1.35 to $81.98
- US 10-year yields up 3.1 bps to 4.25%
- AUD leads, JPY lags
It was an inauspicious start to the holiday-shortened US week as the dollar drifted slightly lower but mostly sideways. The euro touched 1.0842 for the daily high in early US trading, then traded sideways.
USD/JPY managed to get some bids after softening early. That came in part due to a weaker 2-year Treasury auction in perhaps a sign that the market is struggling to digest supply (5s selling tomorrow).
Cable benefited from stronger CBI domestic data and hung onto gains in sideways North American trade while the commodity currencies cruised along with little drama.
Stocks were light as well but the action was in crypto as bitcoin bulls squeezed intensely higher, rising more than $3000 today and $7000 since Friday’s equity close, leading to some hefty gains for equity ETF owners. Fresh buying hit on the way through $70,000 and the highs is so far $71,195. It hasn’t been just BTC as ethereum also put up a strong rally in what’s often a positive sign for risk assets.
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