US MARKET WRAP – USD Rebound Extends A Tad As FOMC Minutes Present The Next Hurdle

US indices ended narrowly mixed in rangebound trade, with little catalyst for direction on a light news day.  The S&P 500 closed down 0.05% at 2,464.62, the NASDAQ closed down 0.01% at 5,907.73 and the Dow closed up 0.02% at 21,999.09.

The USD continued its modest fightback in the wake of Fed voter Dudley’s comments on Monday and in lieu of some strong retail sales data out of the US, although the DXY ended off of best levels. In terms of the majors, the GBP underperformed as the UK’s July CPI dataset was marginally softer than expected, while the NZD failed to reverse any of its losses following a weaker than expected GDT auction. In the broader FX space the SEK was the outperformer on the back of stronger than expected Swedish CPI data.

The treasury space moved to fresh session lows post-retail sales, with jumbo sized USD benchmark issuance (including a 40y line) from Amazon also weighing on the curve, although US yields edged back from their highs, in line with the DXY fade. Sep’17 10y T-note futures settled at 126.05, down 12+ ticks.

Oil traded lower in early dealing as the Sharara oilfield in Libya saw production edge up following weekend troubles, although crude garnered support mid-afternoon as traders awaited the weekly API crude inventory release. When all was said and done WTI settled at USD 47.55/bbl, down USD 0.04.

15 Aug 2017 - 21:00- Fixed IncomeBank Speaker- Source: RANsquawk