Today, traders also had the chance to view the Initial Jobless Claims report. The report showed that 258,000 Americans filed for unemployment benefits within a week, compared to the analyst consensus of 230,000.
Treasury yields fell as traders reacted to the reports. The interest rate on government bonds with a term of 2 years fell below the level of 4.00%, while the interest rate on government bonds with a term of 10 years retreated towards 4.05%. It should be noted that government bond yields have already started to recover from recent lows.
The US Dollar Index retreated from session highs as traders ignored rising core inflation and focused on the disappointing Initial Jobless Claims report. Most likely, the US Dollar Index will remain volatile as traders digest the data.
Gold stabilized around the $2620 level. Gold traders monitor the dynamics of the US dollar and government bond yields.
The SP500 tested session lows as traders reacted to rising inflation and labor market weakness.
Check out our economic calendar for an overview of all today’s economic events.