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S&P E-mini Sees Lift From Post-Auction FI Bid, Less Reaction In FX

CROSS ASSET
  • The extension of the day’s rally in USTs on the back of the 5Y auction trading through by 1.4bp (5YY -9.7bps, 10YY -10.6bps) has helped the S&P 500 e-mini spike to a new session high of 4835.
  • Resistance is seen at 4834.50 Dec 20 high after which lies 4854.75 Fibo projection of Nov-Dec price swings.
  • However, it's had no material impact on the BBDXY index, which dips just fractionally but remains off earlier session lows.

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