August in Figures
August 31, 2017
Ten-year sovereign debt yields feel pretty much in tandem during August except in Japan where the drop was less sizable but consistent with the Bank of Japan’s target. Short-term interest rates remained low and well anchored by ultra-loose monetary policy stances. The dropped significantly against the Chinese yuan and marginally against traditional “hard currencies” like the yen, Swissy and euro. Alternatively, the dollar rose strongly against the kiwi, more than reversing a big decline that had occurred in July.
The major U.S. stock market indices had atypically disparate performances last month, but none lost ground. The Dax, Nikkei and Swiss SMI declined. In low inflationary times, currency appreciation is not a desired development.
Finally, much of July’s sharp rise in the price of WTI crude oil was reversed. In contrast, gold benefited 3.6% from scary developments like North Korea’s missile tests, the Houston flood, and what Charlottesville revealed about the soul of America.
| 10-Yr Yield | 08/31/17 | 07/31/17 | Chg vs End-Jul |
| U.S. | 2.12% | 2.29% | -17 Basis Points |
| Germany | 0.36% | 0.54% | -18 |
| Japan | 0.00% | 0.07% | -7 |
| U.K. | 1.03% | 1.23% | -20 |
| Canada | 1.85% | 2.05% | -20 |
| Switzerland | -0.20% | -0.01% | -19 |
| 3-month rates | 08/31/17 | 07/31/17 | Chg vs End-Jul |
| U.S. | 1.32% | 1.31% | +1 Basis Point |
| Euroland | -0.37% | -0.38% | +1 |
| Japan | -0.03% | -0.01% | -2 |
| U.K. | 0.28% | 0.29% | -1 |
| Swiss | -0.73% | -0.73% | 0 |
| FX | 08/31/17 | 07/31/17 | Pct Chg in $ |
| EUR/USD | 1.1904 | 1.1840 | -0.5% |
| USD/JPY | 109.04 | 110.26 | -0.3% |
| USD/CHF | 0.9588 | 0.9669 | -0.8% |
| GBP/USD | 1.2928 | 1.3211 | +2.2% |
| AUD/USD | 0.7949 | 0.8000 | +0.6% |
| NZD/USD | 0.7178 | 0.7513 | +4.7% |
| USD/CAD | 1.2488 | 1.2477 | +0.1% |
| USD/CNY | 6.5901 | 6.7266 | -2.0% |
| Equities | 08/31/17 | 07/31/17 | Chg vs End-Jul |
| S&P 500 | 2472 | 2470 | +0.1% |
| Nasdaq | 6429 | 6348 | +1.3% |
| Djia | 21948 | 21891 | +2.6% |
| Dax | 12056 | 12118 | -0.5% |
| Nikkei | 19646 | 19925 | -1.4% |
| Ftse | 7431 | 7372 | +0.8% |
| Canada TSE | 15203 | 15143 | +0.4% |
| Swiss SMI | 8925 | 9055 | -1.4% |
| Commodities | 08/31/17 | 07/31/17 | Chg vs End-Jul |
| Oil, $ per barrel | 47.23 | 50.24 | -6.0% |
| Gold, $ per ounce | 1316.20 | 1269.90 | +3.6% |
Copyright Larry Greenberg 2017. All rights reserved. No secondary distribution without express permission.
Tags: bonds, foreign exchange, gold, Oil, stocks
ShareThis
