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USD Falters Further as Yield Correction Continues

  • A further wave of USD sales goes through alongside the London close, helping relieve pressure on the likes of EUR/USD and GBP/USD and put the pairs to fresh daily highs.
  • Rates markets are the leader here, with the un-steepening of the US curve and the return lower for the US 10y yield (cresting at 5.0187%, now 4.8650%), being helped by trade recommendations/updates from the likes of Bill Ackman and Bill Gross, who expressed their interest in buying the short-end (Gross) and covering shorts in bonds (Ackman).
  • Pressure on USD has resulted in the USD Index hitting the lowest levels since Oct 12, but important to note that key support at 105.535 is yet to be tested - a level that would require a rally in EUR/USD to approximately 1.0680-90.
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