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CROSS ASSET: Broad Phase of Risk-Off Drives Core Yields Lower, Greenback Higher

CROSS ASSET
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Wave of risk-off crosses through the European open on seemingly little news - Treasury rally leads to slip through the overnight lows in the US 10y yield - which coincides with both an uptick in the dollar and JPY, as well as a modest fade in equities.

  • No specific newsflow or headline driver being cited behind the move - but move is consistent with general risk-off, as haven currencies and core bonds are the main beneficiaries. US 10y yield has slipped close to 4bps, but remains above the Monday lows of 3.7468% at typing.
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Wave of risk-off crosses through the European open on seemingly little news - Treasury rally leads to slip through the overnight lows in the US 10y yield - which coincides with both an uptick in the dollar and JPY, as well as a modest fade in equities.

  • No specific newsflow or headline driver being cited behind the move - but move is consistent with general risk-off, as haven currencies and core bonds are the main beneficiaries. US 10y yield has slipped close to 4bps, but remains above the Monday lows of 3.7468% at typing.