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Some dislocation between Europe and the US

CROSS ASSET
  • USD remains fairly mixed against G10s and all the majors.
  • Most notable mover is the Yen, with the currency in the red across the board on the Risk On tone, and higher US Yields as Treasuries caught up with the sell off seen in Europe yesterday.
  • The dislocation between Bund and Tnotes, with Bund in the green, while Treasuries trade in the red, is pushing the Tnote/bund spread 6.8bps tighter, but well within June/July range.
  • Resistance in USDJPY is seen further out to 137.00 High Jun 29 and the bull trigger

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