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Citi Sum Up Monday Trade

FOREX

In the wake of Monday trade Citi note that “the week started on very quiet footing in NY, where overall FX interbank volumes were -40% lower on the day. U.S. yields held at intraday highs reached on weekend optimism around banking developments. SPX consolidated after bank/financial stocks pared back gains into the NY close, whereas tech stocks soured further thanks to higher yields. USD was selectively pressured, but most big movers, like USD/Latam and USD/CAD, reflected flows and positioning, broader risk, and soaring energy prices. Local catalysts in ILS & TRY caused nothing more than two-way swings and consolidation, while continued cheapening in USD.CNH funding served in favour of USD longs.”

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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