Bonds

From crude to AI, the forces driving US markets have changed dramatically. Thursday's Nasdaq rout triggered an extraordinary Treasury rally, but the dollar barely moved. What happens next could depend on Nasdaq support.

As the trading week continues to unfold, the lack of direction dominating gold price action remains a relevant theme in the short term. In fact, the average move over the last three trading sessions has resulted in a decline of barely 1.0%, highlighting that neither buyers nor sellers have been able to take control in a consistent manner.

Australian bond futures have exhibited a far stronger relationship with the ASX 200 than Wall Street over recent months. Now both markets are displaying remarkably similar price structures.

Bond bears had every excuse to wreak havoc after September's inflation surprise. Instead, buyers returned aggressively, leaving Treasury futures threatening to bottom and the dollar struggling to extend its rally.

The trading week has come to an end and a lack of direction around the yen remains evident in the short term. This can be seen in the performance of USD/JPY over the last three trading sessions, where the pair has recorded moves of barely 0.3%, highlighting a market that continues to develop within a broadly neutral environment.

Gold is attempting to break out after a brutal selloff, just as the US dollar and Treasury futures show signs of turning. Historical extremes, shifting momentum and key technical levels suggest a potentially important moment for gold traders.

The yen has reacted to falling US yields, but the euro faces a different problem. Could French government bond yields provide the additional push needed to break EUR/USD's downtrend?

Recent trading sessions have begun to highlight a clear lack of direction around Dow Jones price action. This can be seen in the performance of the last three sessions, where the index has posted a modest decline of approximately 0.2%, reflecting the absence of a consistent directional bias and a growing sense of caution across the market.

You may never trade a Treasury bond, but if you trade the US dollar, gold, or stock indices, US Treasury auctions are worth understanding - read on for everything you need to know!

As the trading week comes to an end, weakness around gold price action remains evident in the short term. This can be seen in the performance of the past two sessions, where the metal has declined by approximately 0.3%. Although the move has not been particularly aggressive, it highlights that buying pressure continues to struggle to regain control of the market.

The Canadian dollar continues to face one of its most challenging environments in recent months when it comes to maintaining strength against the U.S. dollar. The weakness of the Canadian currency is clearly reflected in USD/CAD, which has now recorded nine consecutive bullish sessions and gained more than 1.7% during that period.

US yields, dollar strength and fading RBA hike bets have combined to drive AUD/USD to fresh multi-month lows. The macro and technical bias remains bearish, although history suggests parts of the move are now reaching unusually stretched levels.