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EURUSD TECHS

Bearish Threat Remains, Despite Intraday Rally

COMMODITIES

Gold Bumped to New Multi-Month Highs

BRAZIL

BRL Hedging Volumes Surge Post-BCB

EQUITIES

Stocks Mixed as Bluechips Gain, Tech Lags

US TSYS
US TSYS: T-Note futures have edged back from their early session lows, perhaps
aided by a slight downtick in the JPY crosses that sources have attributed to
corporate hedging flows.
- This comes after a heavy sell off on Wednesday aided by firm ADP & ISM
non-m'fing data in the U.S. morning, with rhetoric from Fed Chair Powell adding
additional weight late in the day, which allowed T-Notes to close at session
lows as yields clocked multi-year highs. Fed Chair Powell noted that "very
accommodative policy is no longer appropriate in the current environment, which
calls for interest rates to "very gradually" move toward neutral. We may go past
neutral, but we're a long way from neutral at this point."
- Eurodollar future volumes are running well above average for this time of day,
although notable outright pieces of flow are virtually non-existent.
- Focus now moves to NFP data, due Friday.
- T-Notes last 117.30, U.S. 10-Year cash Tsy yields last 3.181%.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com