June and the Second Quarter in Figures
June 28, 2019
Although the major central banks did not change their key short-term interest rates in the second quarter, global disinflation and decelerating economic growth depressed expected inflation and fanned speculation that monetary policies will be eased later in 2019. This in turn put downward pressure on long-term interest rates but incentivized share prices to climb. President Trump complained about the dollar being overvalued, and as if on cue, the dollar mostly fell in the quarter and June. Oil and gold prices advanced in June on geopolitical strains between the United States and Iran.
| 10-Yr Yield | 06/28/19 | Chg in Jun | Chg in 2Q19 |
| U.S. | 2.01% | -12 Basis Points | -40 Basis Points |
| Germany | -0.33% | -12 | -26 |
| Japan | -0.17% | -7 | -7 |
| U.K. | 0.83% | -5 | -16 |
| Canada | 1.46% | -2 | -16 |
| Switzerland | -0.58% | -7 | -9 |
| CB Policy Rate | 06/28/19 | Chg in May | Chg in 2Q19 |
| Fed funds target | 2.25/2.50% | 0 Basis Points | 0 Basis Points |
| ECB deposit rate | -0.40% | 0 | 0 |
| BOJ policy rate | -0.10% | 0 | 0 |
| BOE Bank Rate | 0.75% | 0 | 0 |
| Swiss 3M Libor | -1.25/-0.25% | 0 | 0 |
| FX | 06/28/19 | Pct Chg in $ | Pct Chg in $ |
| EUR/USD | 1.1373 | -1.8% | -1.4% |
| USD/JPY | 107.85 | -0.5% | -2.7% |
| USD/CHF | 0.9762 | -2.5% | -1.9% |
| GBP/USD | 1.2696 | -0.5% | +2.6% |
| AUD/USD | 0.7020 | -1.2% | +1.1% |
| NZD/USD | 0.6718 | -2.7% | +1.3% |
| USD/CAD | 1.3095 | -3.1% | -2.0% |
| USD/CNY | 6.8668 | -0.6% | +2.3% |
| Equities | 06/28/19 | Chg in Jun | Chg in 2Q |
| S&P 500 | 2942 | +6.9% | +3.8% |
| Nasdaq | 8006 | +3.3% | +3.6% |
| Djia | 26600 | +7.2% | +4.6% |
| Dax | 12399 | +5.7% | +7.6% |
| Nikkei | 21276 | +3.3% | +0.3% |
| Ftse | 7426 | +3.7% | +2.0% |
| Canada TSE | 16382 | +2.2% | +1.7% |
| Swiss SMI | 9898 | +3.9% | +4.4% |
| Commodities | 06/28/19 | Chg in Jun | Chg in 2Q19 |
| Oil, $ per barrel | 58.20 | +8.8% | -3.2% |
| Gold, $ per ounce | 1412.50 | +8.2% | +9.2% |
Copyright Larry Greenberg 2019. All rights reserved. No secondary distribution without express permission.
Tags: 10-year sovereign debt yields, central bank interest rates, equities, foreign exchange, gold and oil prices
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