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Market Roundup: Diplomatic Solutions

US TSYS
Tsy yields resume climb, 30YY extends session high to 2.2695% (still off last week Wed's 2.2869% high) but looking to extend after latest headlines Ukraine ready for diplomatic solution to strife, according to Pres Zelensky aide.
  • Situation remains fluid, Russia officials claim no intention of toppling the Ukrainian government, preferring to achieve goals via talks. That said, CIA Director William Burns said Putin ‘has been stewing in a combustible combination of grievance and ambition for many years.’ Burns continued: ‘I think Putin is angry and frustrated right now. He’s likely to double down and try to grind down the Ukrainian military with no regard for civilian casualties.’
  • Yield curves bear flattening, 5s30s -5.1 at 39.65. Gold tumbles -68.0 to appr 1982.0, WTI crude -6.2, to 117.49.
  • Tsy Technicals: TYM2 pullback from Monday’s high of 129-04 extends. The contract has breached support at 127-00, Mar 2 low and a continuation lower would open 126-10, a Fibonacci retracement.
  • At this stage, the move lower appears corrective and 126-10 is seen as a key near-term support. A rebound would refocus attention on 129-04, the bull trigger.

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