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Orlando, Brexit, Fed Crosscurrents Leave Markets without Direction

Posted by Joseph Trevisani on Jun 13, 2016 5:28:35 PM

The worst terrorist attack in the United States since 9/11, a continuing  Brexit lead in British polls and an uncertain U.S. economy leading into Wednsday's FOMC meeting kept Monday markets on edge but unable to find direction. Equities, sterling, Treasury yields and oil fell,  gold rose and the dollar lost ground against the euro and the yen.

The Dow sank for the second session, losing 132.86 points, 0.74 percent to close at 17,732.48 and the S&P 500 dropped 17.01 points to 2079.06 its second down day.  Sterling gyrated lower first, touching 1.4116, its weakest against the  dollar in two months, on reports showing the leave side in the EU membership debate holding a 5 point lead but a late recovery brought the U.K. currency back to 1.4270 just ponts from where it opened at 1.4261. 

Treasury yields fell for the fifth day in a row and the ninth drop in the last ten sessions. The yield on the benchmark 10-year generic bond lost 3 basis point to  1.6096 percent. Except for the one day crash in yield on February 11th when the return touched 1.5286 percent but closed at 1.6590 percent, it was the lowest close since early December 2012. The 2-year shed 1 point to 0.7123 percent

West Texas Intermediate slipped to $48.56 at the close off marginally from the $48.85 open. Gold gained $8.27 to finish at $1283.86, its best closing level since May 6th. The precious metal has gained 6.5 percent since ending at 1204.95 on May 30th.  

The dollar lost about half a figure against the European currency opening at 1.1252  and closing at 1.1292. Versus the yen it tallied at larger losss, beginning at 106.85 but ending more than a figure lower at 105.74.

Joseph Trevisani

Chief Market Strategist

WorldWideMarkets

Charts: Bloomberg

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