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May construction spending showed an unexpected decline, as spending fell 0.4% in May on the heels of a 0.2% decrease in April; the ISM report also brought a surprise to investors, showing an unexpected drop in growth in the month of June. The ISM report brought about a general consensus in the investing community that more rate hikes are on the way.
US Treasuries declined, ending a two-day rally in the bond market. The 10-year note rose 1 basis point after an industry report showed an increase in manufacturing price last month. This dip in the treasuries led investors to believe that even more rate hikes have yet to come.
The manufacturing report had a different effect upon the Dollar, as it rose the most in a week against the yen. This move up solidified a rebound from three-week lows as investors continue to bet on another US rate hike.
On the eve of the travel holiday July 4, crude oil prices changed little, up 0.08 at $79.93 a barrel.
The softs were all higher today, except for cotton, which closed down 1.5%.
The grains traded mixed, with corn and wheat pacing the gains with profits over 3%.
The meat sector made gains across the board, except for potbellied pigs, which fell nearly 2%.
May Construction Spending Shows Unexpected Decline (full story).
ISM Report Shows Slower Growth In The Manufacturing Sector (full story).
John Patrick Lee
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