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USDCAD TECHS

Solid Bounce

AUDUSD TECHS

Reverses In Style

EURJPY TECHS

Accelerates Off Bull Trigger

USDJPY TECHS

Still Pointing Higher

EURGBP TECHS

Bouncing Well

GBPUSD TECHS

Bulls Press Pause

US TSY FLOWS
US TSY FLOWS: Safe havens surged Friday as efforts to combat the spread of the
COVID-19 virus forced shutdowns and layoffs. NY state Gov Cuomo issued shelter
in place mandate, followed a few hours later by Illinois state Gov Pritzker
doing the same. Gold +27.4 late, SPs -100.0.
- Long end rates lead the surge, 10YY fell to 0.8390%, 30YY to 1.4145% in late
trade, both still off March 9 all-time lows of 0.5407% and 0.9953% respectively.
- Coordinated funding effort:  FED, BOC, BOE, BOJ, ECB and SNB anncd a shift
from weekly to daily US$ swap lines early in the session. Later in the session,
the NY Fed anncd it will offer $1T in daily repo ops through the end of March.
Whether the Fed will buy other securities, including corporate bonds & longer
term munis remains to be seen.
- Despite the mkt vol that has kept issuers at bay, corp debt issuance finished
strong for wk ($63B total), with Intel and Coca-Cola issuing combined $13B
Friday.
- The 2-Yr yield is down 13.7bps at 0.3134%, 5-Yr is down 22.9bps at 0.4585%,
10-Yr is down 29.5bps at 0.8454%, and 30-Yr is down 36.8bps at 1.4169%.
MNI Chicago Bureau | +1 312-431-0089 | bill.sokolis@marketnews.com