December 2026 USD traded lower at 101.060, while December 2026 crude was higher at 101.43. In rates, the December 2026 30-year T-Bond was up 16 ticks at 107.08, as the September 2026 S&P 500 E-mini contract fell 60 ticks to 7,768.00. December 2026 gold was down at 4,037.50. The update described mixed cross-asset moves: crude rising as the dollar eased aligned with typical pricing dynamics, while gold falling alongside a weaker dollar ran against the commonly cited inverse relationship. Asia’s session was mainly higher, and Europe was mixed.
US Economic Data and Market Correlations
Macro risk was centred on a heavy US data slate, with Advance GDP q/q, Unemployment Claims, Personal Income and Personal Spending all due at 8:30 AM EST, followed by Natural Gas Storage at 10:30 AM EST. Separately, the note focused on correlation between 2-year Treasury notes (ZT) and equity futures, using the Dow Jones contract (YM) as a comparator. It reported that around 8 AM EST the 2-year moved higher as the Dow fell, and cited a potential move of about a dozen ticks per ZT contract, with each tick valued at $6.25; the ZT front month was said to be December 2026. The prior session was described as firmer, with the Dow up 98 points, aided by the Fed holding rates unchanged.
