roboforex Market Fundamental Analysis by RoboForex

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US Tech rises as expectations of a Federal Reserve rate hike decline

The US Tech index maintains its upward momentum, supported by declining expectations of a Federal Reserve rate hike. The price currently stands at 31,016.

US Tech forecast: key takeaways

• The yield on 30-year US Treasuries reached 5.618%, the highest level since 2000
• The US services PMI stood at 58.8

Fundamental analysis

The published services PMI data indicates that the US economy continues to expand at a strong pace. The actual reading came in at 58.8 points versus the forecast of 58.7 points and the same reading in the previous period. The index remains well above the 50-point threshold that separates expansion in economic activity from contraction. 

Yesterday, the US Treasury placed 30-year Treasury bonds worth a total of 22 billion USD. The auction yield reached 5.618%, the highest level since August 2000.

RoboForex Market Analysis & Forex Forecasts

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The RoboForex Team