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Trend Needle Points South


Fed Terminal Up To 5.06% in June 2023


Heading North


Late Dec/Mar Tsy Roll Level Update

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Reasons For Light USD Demand


It is hard to get a real read on the reason behind the recent, modest USD bid. Potential drivers (outside of flows) include:

  • The earlier Russian attack on a Ukrainian facility that contains an experimental nuclear reactor, with a nearby hostel catching fire
  • There is some focus on the Chinese equity space after Chinese stocks listed in the U.S. took a hit as the SEC identified 5 Chinese firms that were not keeping up with compliance requirements under its Holding Foreign Companies Accountable Act, with the firms potentially subject to delisting in the coming years as a result. E-minis also moved lower ahead of the Chinese market open.
  • USD/JPY has edged away from the fresh multi-year highs lodged round the Tokyo fix, while the EUR still sits atop the G10 FX pile, although the EUR/USD bid has moderated a little.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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