July in Figures
July 31, 2017
On the final day of July, the Dow hit a record high, and the dollar touched its weakest level against the euro since January 14, 2015 and softest yen value since mid-June. July was a difficult month for the U.S. presidency, even by Trump standards. Also, the future path of Fed policy became less certain, as inflation continued to track lower than expected and the expiration of Janet Yellen’s current four-year term is now just a half year away. Oil recovered 9.1% in the month, and gold rose 2.4%. In Canada, whose central bank interest rate was increased for the first time since January 2015, the 10-year sovereign debt yield climbed 28 basis points. All other 10-year bond yield changes in the table below were less than 9 basis points in the month, including a 1-basis point dip in the U.S. Treasury. Subdued inflation wasn’t limited to the United States and was was a major economic theme during the month of the global economy. The silver lining of the weak dollar is that U.S. stocks outperformed other equity markets.
| 10-Yr Yield | 06/30/17 | 07/31/17 | Chg vs End-Jun |
| U.S. | 2.30% | 2.29% | -1 Basis Point |
| Germany | 0.46% | 0.54% | +8 |
| Japan | 0.07% | 0.07% | 0 |
| U.K. | 1.25% | 1.23% | -2 |
| Canada | 1.77% | 2.05% | +28 |
| Switzerland | -0.07% | -0.01% | +6 |
| 3-month rates | 06/30/17 | 07/31/17 | Chg vs End-Jun |
| U.S. | 1.30% | 1.31% | +1 Basis Point |
| Euroland | -0.37% | -0.38% | -1 |
| Japan | 0.00% | -0.01% | -1 |
| U.K. | 0.31% | 0.29% | -2 |
| Swiss | -0.73% | -0.73% | 0 |
| FX | 06/30/17 | 07/31/17 | Pct Chg in $ |
| EUR/USD | 1.1420 | 1.1840 | -3.5% |
| USD/JPY | 112.46 | 110.26 | -2.0% |
| USD/CHF | 0.9586 | 0.9669 | +0.9% |
| GBP/USD | 1.3027 | 1.3211 | -1.4% |
| AUD/USD | 0.7689 | 0.8000 | -3.9% |
| NZD/USD | 0.7325 | 0.7513 | -2.5% |
| USD/CAD | 1.2967 | 1.2477 | -3.8% |
| USD/CNY | 6.7809 | 6.7266 | -0.8% |
| Equities | 06/30/17 | 07/31/17 | Chg vs End-Jun |
| S&P 500 | 2423 | 2470 | +1.9% |
| Nasdaq | 6140 | 6348 | +3.4% |
| Djia | 21350 | 21891 | +2.5% |
| Dax | 12325 | 12118 | -1.7% |
| Nikkei | 20032 | 19925 | -0.5% |
| Ftse | 7313 | 7372 | +0.8% |
| Canada TSE | 15182 | 15143 | -0.3% |
| Swiss SMI | 8907 | 9055 | +1.7% |
| Commodities | 06/30/17 | 07/31/17 | Chg vs End-Jun |
| Oil, $ per barrel | 46.04 | 50.24 | +9.1% |
| Gold, $ per ounce | 1240.70 | 1269.90 | +2.4% |
Copyright Larry Greenberg 2017. All rights reserved. No secondary distribution without express permission.
Tags: bond yields, Dollar, gold, Oil, stocks
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