Forexlive Americas FX news: Close the flippin' door on the bond rally

<ul><li><a href="https://www.forexlive.com/centralbank/powell-we-are-not-confident-that-weve-achieved-sufficiently-restrictive-policy-20231109/">Powell: We are not confident that we've achieved sufficiently restrictive policy</a></li><li><a href="https://www.forexlive.com/centralbank/powell-qa-us-economy-has-been-stronger-than-expected-this-year-20231109/">Powell Q&amp;A: US economy has been stronger than expected this year</a></li><li><a href="https://www.forexlive.com/centralbank/video-jerome-powell-speech-interrupted-by-climate-protestors-20231109/">Video: Jerome Powell speech interrupted by climate protestors</a></li><li><a href="https://www.forexlive.com/news/us-weekly-initial-jobless-claims-217k-vs-218k-expected-20231109/">US weekly initial jobless claims 217K vs 218K expected</a></li><li><a href="https://www.forexlive.com/news/chinas-largest-bank-hit-by-ransomware-attack-that-may-have-disrupted-treasury-market-20231109/">China's largest bank hit by ransomware attack that may have disrupted Treasury market</a></li><li><a href="https://www.forexlive.com/centralbank/feds-paese-too-soon-to-rule-out-further-us-rate-hikes-20231109/">Fed's Paese: Too soon to rule out further US rate hikes</a></li><li><a href="https://www.forexlive.com/centralbank/more-from-feds-paesenot-sure-public-expectations-are-aligned-with-likely-fed-policy-path-20231109/">More from Fed's Paese:Not sure public expectations are aligned with likely Fed policy path</a></li><li><a href="https://www.forexlive.com/centralbank/bocs-rogers-canadians-are-feeling-some-pressure-as-they-adjust-to-higher-rates-20231109/">BOC's Rogers: Canadians are feeling some pressure as they adjust to higher rates</a></li><li><a href="https://www.forexlive.com/centralbank/more-from-bocs-rogers-boc-is-not-yet-talking-about-reducing-rates-20231109/">More from BOCs Rogers: BOC is not yet talking about reducing rates</a></li><li><a href="https://www.forexlive.com/centralbank/snb-schlegel-speaks-on-bank-liquidity-and-risk-20231109/">SNB Schlegel speaks on bank liquidity and risk</a></li><li><a href="https://www.forexlive.com/centralbank/feds-barkin-us-economy-is-remarkably-healthy-20231109/">Fed's Barkin: US economy is 'remarkably healthy'</a></li><li><a href="https://www.forexlive.com/centralbank/more-from-barkin-i-dont-see-us-as-done-yet-20231109/">More from Barkin: I don't see us as done yet</a></li><li><a href="https://www.forexlive.com/news/israel-will-implement-four-hour-pauses-in-gaza-operations-each-day-20231109/">Israel will implement four-hour pauses in Gaza operations each day</a></li><li><a href="https://www.forexlive.com/centralbank/feds-bostic-we-will-remain-restrictive-until-were-sure-about-2-inflation-20231109/">Fed's Bostic: We will remain restrictive until we're sure about 2% inflation</a></li><li><a href="https://www.forexlive.com/centralbank/ecbs-centeno-we-are-at-a-plateau-in-terms-of-interest-rates-20231109/">ECB's Centeno: We are at a plateau in terms of interest rates</a></li><li><a href="https://www.forexlive.com/centralbank/ecbs-de-guindos-any-discussion-of-rate-cuts-clearly-premature-20231109/">ECB’s de Guindos: Any Discussion of Rate Cuts ‘Clearly Premature’</a></li></ul><p>Markets:</p><ul><li>Gold up $8 to $1958</li><li>WTI crude oil up 22-cents to $75.55</li><li>US 10-year yields up 12.6 bps to 4.63%</li><li>S&amp;P 500 down 0.8%</li><li>USD leads, AUD lags</li></ul><p>The US dollar started the day on a soft note but reversed as Fed officials continued to emphasize rate-hike optionality. Powell re-emphasized only the hawkish points from last week's press conference in a speech, helping the US dollar. He was interrupted by climate protestors part of the way through and responded with profanity in a lighthearted moment.</p><p>No doubt there was some profanity at the Treasury as well, with a 5.7 bps tail in a bond auction in the worst showing since 2011. There was some talk of technical issues and ransomware as a potential explanation but yields haven't taken anything back and that likely puts in a floor in 10s at 4.50% until at least next week's CPI report.</p><p>The rebound in yields and risk aversion in stocks gave a strong late-day lift to the dollar, knocking EUR/USD 50 pips off the highs while USD/JPY climbed up to 151.30. It was a uniform move and helped to unwind some commodity currency strength in early North American trade.</p><p>Overall, it was a surprisingly lively trading day despite a lack of US economic data. The Nasdaq winning streak ended at 8 and that sets up an interesting Friday trade with UMich sentiment on the agenda.</p>

This article was written by Adam Button at www.forexlive.com.