On October 28, 2024, the Federal Reserve Bank of Dallas released Dallas Fed Manufacturing Index report.
The report indicated that Dallas Fed Manufacturing Index increased from -9.0 in September to -3.0 in October, compared to analyst consensus of -1. The Company Outlook Index improved from -6.4 to -3.3 but also remained in the negative territory.
Production Index improved from -3.2 in September to +14.6 in October as Texas factory activity increased. New Orders Index improved from -5.2 to -3.7, while Capacity Utilization increased from -7.0 to +4.3.
Treasury yields continued to move higher as bond traders reacted to the report. The yield of 2-year Treasuries settled above the 4.12% level, while the yield of 10-year Treasuries climbed above 4.25%.
U.S. Dollar Index is losing some ground despite rising Treasury yields. Currently, U.S. Dollar Index is trying to settle below the 104.20 level. From a big picture point of view, forex traders take some profits off the table near multi-month highs.
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See all Gold forecastsGold is trying to climb back above the $2745 level as traders focus on U.S. dollar’s pullback.
SP500 is moving higher despite the weaker-than-expected Dallas Fed Manufacturing Index report. Rising Treasury yields did not put pressure on the equity markets, and it looks that traders focused on the strong sell-off in the oil markets.
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