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EGB/Gilt: Risk Off..Again


Treasury Rally Resumes On Renewed Omicron Fears

FOREX: Offshore Yuan prints 6-month lows, USD firms across the board
- Antipodeans remained on the defensive overnight amid a backdrop of trade
tensions, a rally in China FX and soft ANZ Business Confidence data.
- The offshore Yuan slipped to 6-month lows of Cnh6.6174 against the USD,
further pressuring NZDUSD to fresh YTD lows of $0.6811. NZD continues to display
bearish momentum according to the MNI FX Technical Signal Monitor and would need
to break the $0.6800 area for the next leg lower. Focus on the RBNZ tonight
(2100GMT), unchanged widely expected. AUDUSD eased in sympathy to $0.7362, the
YTD low at $0.7346 provides key support.
- GBPUSD witnessed a sharp turnaround off early European traded highs ($1.3234)
back through $1.3200 to $1.3189. Month-end related EURGBP demand reportedly
behind the move which saw the cross extend through the 200-dma to Gbp0.8827.
- The broadly stronger USD pressured Scandi FX, SEK & NOK are currently
registering losses of -0.54%/-0.44% against the USD.
- USDCAD holds near the peak of its C$1.3297-1.3327 daily range with focus on
BoC Governor Poloz's speech in Victoria (2000GMT).