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MNI ASIA MARKETS ANALYSIS - FI Rallies and USD Slides On FOMC Minutes, Data

  • Ahead of Thanksgiving, Treasuries rally and the Fed terminal rate is trimmed to 5% in a mixed session with weak US PMI surveys, a rise in initial jobless claims and somewhat dovish FOMC minutes ultimately driving momentum.
  • Broad USD weakness extended further following the minutes, with G10 FX strength fairly broad-based and substantial.
  • Oil slides on China Covid-demand fears and the EU seen pushing for a Russian oil price cap of $65-70/bbl that might have limited impact on curbing Russian supply, whilst gold and stocks benefit from lower yields and USD.






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  • Ahead of Thanksgiving, Treasuries rally and the Fed terminal rate is trimmed to 5% in a mixed session with weak US PMI surveys, a rise in initial jobless claims and somewhat dovish FOMC minutes ultimately driving momentum.
  • Broad USD weakness extended further following the minutes, with G10 FX strength fairly broad-based and substantial.
  • Oil slides on China Covid-demand fears and the EU seen pushing for a Russian oil price cap of $65-70/bbl that might have limited impact on curbing Russian supply, whilst gold and stocks benefit from lower yields and USD.






Keep reading...Show less