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Daily Market Brief


 Daily Commentary

Commentary as of April 1, 2016
The US dollar is mixed against the majors ahead of the US jobs report due later today.  The yen and the Swiss franc gained, while sterling and the Canadian dollar weakened.  Emerging market currencies were also mixed.  IDR, ZAR, and PLN are outperforming while KRW, RUB, and MXN are underperforming.  The March US jobs report will be the focus for markets today.  Consensus is 205k vs. 242k in February.  Economist believe a strong jobs number probably won't impact the bond market or the dollar very much since Yellen has already played her dovish hand.  However, a weak number could see further selling of the dollar and a rally in the bond market.
Capital Markets
Euro Stoxx 600 is down 1.7% near midday, while S&P futures are pointing to a lower open.  The 10-year UST yield is up 2 bp at 1.79%.  Commodity prices are mostly lower, with oil down 2%, copper up slightly, and iron ore down nearly 1%.  Oil prices are under pressure after Saudi Arabia said it would only freeze its oil production if Iran and other major producers do the same, but Iran will not agree to a freeze until it gets back to pre-sanctions level of production. OPEC meets in Qatar on April 17, and recent comments suggest that any agreement to cut oil production is unlikely.   WTI oil has been unable to sustain any moves above the $40 area.

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