Markets:

• Gold up $12 to $2035
• US 10-year yields down 6.7 bps to 4.51%
• S&P 500 up 2 factors to 5088
• WTI crude oil down $2.06 to $76.55
• AUD leads, CAD lags

Friday’s US financial calendar was fully naked and if you happen to have a look at the closing ranges in FX, there’s hardly any motion to be seen. However underneath the floor it wasn’t so quiet as we noticed some sturdy USD promoting in Europe that was countered in early North American commerce earlier than markets chopped sideways late.

It wasn’t clear what was driving any of the strikes as we speak, except for oil promoting on Gaza ceasefire hopes. Equities obtained some early bids on the FOMO observe by means of from yesterday’s large rally however by the point of the European shut, that gave technique to revenue taking and shares completed flat.

The thriller was in bonds the place the long-end was strongly bid. US 30-year yields fell 9.3 bps and completed on the lows and the bottom shut since Feb 12. If there was some form of geopolitical bid, you’ll count on oil to have moved in the wrong way however with Gaza inching in the direction of peace, that was laborious to see.

One idea surrounded a German financial institution with publicity to US industrial actual property. That can be one thing to look at over the weekend, as bunds had been additionally strongly bid. I am positive we’ve not heard the top of the saga relating to the money owed round emptying places of work.

Maybe there’s something else happening or flows had been dominating however I will be holding a eager eye on no matter was driving the bid in bonds and (to a lesser extent) gold.