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The benchmark U.S. 10-year Treasury note closed lower by 3/32 at 98-1/32 with a yield of 4.753% pressured by a home sales report from the National Association of Realtors. Treasury prices fell sharply upon release of the report, which showed contract signings on existing homes climbed 5%.
The EUR/USD, USD/JPY, and EUR/JPY are trading flat this morning on no major news. The Canadian dollar continues to rise against the U.S. dollar with gains of 0.7%. Record commodities prices are helping to boost the Canadian dollar's appeal.
Crude oil futures fell 2.2% to $78.25 after the weekly Energy Department report showed a drop of 6.5 million barrels of crude inventories.
Gold futures gave back fractionally taking its first loss after 3 positive sessions. Gold was pressured by the steep drop in oil prices.
Soybeans gave back 1%, while corn futures fell 2.5%.
A late rally on Wall Street managed to lift the major averages firmly into positive territory. Stocks traded sharply lower earlier in the session, after large overnight declines in Asia and Europe. Beazer Homes shares lost more than 20% as credit market jitters remain the dominant theme, with problems reaching far beyond the subprime market. Click here for the rest of today's Stock Market Recap.
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John Lee
Associate Editor
johnl@tradingmarkets.com
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