Key Takeaways with Craig
US Equities struggled to find a solid direction today but sold off in afternoon action to close broadly lower. US Treasury yields were slightly lower throughout the yield curve today, though they remain elevated versus recent months. Implied volatility in the options markets in both CME Equity Index and Interest Rates was little changed and remains elevated as well.
CME Group commodity markets were active again today:
- Corn futures prices up nearly 2%; Soybeans +2.25% and Wheat up by nearly 3.5%
- WTI futures prices continued climbing; up about 1%
- Gold futures prices were up by about 1.75%; Silver up by another 3% and Copper was up by over 1.5%
Finally, most major currencies rose slightly against the US Dollar in CME FX futures markets.
Gold futures and options markets, which have been fairly range-bound, are actually trading at prices near 5 year highs. The QuikStrike graph below depicts March Gold price and implied volatility in the years since 2017. As you can see by the gray line, which represents 2022 levels, both measures are near the high levels at this time of year versus most years since 2022. We’ll keep an eye on these markets as we watch inflation measures, interest rates and the value of the US Dollar relative to other major currencies.
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