US equities edged higher Wednesday after the Treasury said it would double bond buybacks, pushing yields lower even as FOMC minutes flagged growing inflation concerns. The US Dollar tumbled on lower yields, boosting gold to its highest level since early June. Oil also gained as Middle East tensions stayed elevated. Australian employment data and US jobless claims are today’s focus.
📊 Equities
US equity markets edged higher on Wednesday as traders responded to the US Treasury’s announcement that it would double the size of its buyback operations in longer-dated bonds, a day after 30-year yields hit their highest level since 2007.
🛢️ Oil
Oil also pushed higher as Middle East tensions remained elevated, with Brent and WTI both moving towards four-week highs.
🥇 Gold
The sharp US Dollar decline provided a significant boost to gold, which surged through key resistance to its highest level since early June.
💵 FX & Bonds
The move pushed Treasury yields lower, particularly further out along the curve, and appeared to dominate the broader reaction to the latest FOMC minutes, which highlighted growing concerns among policymakers around inflation. The US Dollar was the major casualty, tumbling as lower yields weighed heavily on the greenback.
📌 Today’s Focus
Geopolitical developments remain in focus today, alongside Australian employment data in the Asian session and US weekly unemployment claims and the Philly Fed Manufacturing Index later in the day.
🔹 Australia – Employment Change Data
🔹 Australia – Unemployment Rate
🔹 US – Weekly Unemployment Claims Data
🔹 US – Philly Fed Manufacturing Index Data