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Greenback Off Recovery Highs as US 10y Yields Fade

FOREX
  • Greenback slippage in recent trade helps halt and partially reverse the pressure seen across EUR/USD, GBP/USD - and follows the step-back in the belly of the US yield curve. US 10y yields fade to new daily lows (now lower by ~4bps) and is adding extra pressure to USD/JPY, which again hits an intraday low headed into the NY crossover.
  • Despite softer yields, there's little relief noted in US equity markets, which are still holding the entirety of the late Friday rally. Futures point to a mildly positive open in ~2 hours, with tech and high beta names likely to outperform following the wild fluctuations in pre-market trade for Gamestop - last seen higher by ~85% pre-market as the meme-stock rally resumes.

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