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Yields higher again, FED minutes in focus


5 January 2022 Written by Stuart Cowell  HF Markets Head Market Analyst Stuart Cowell

Treasuries continued under pressure as yields moved up supporting USD, Equities were mixed; Financials and Automaker’s (EV) rallied, US data (Jolts, & ISM Manu PMI’s) missed expectations, OPEC+ delivered production increase for February. Goldmans talked of $100k Bitcoin. US reported 1 million daily COVID cases, Israel says 4th dose effective at increasing antibodies, France discovers new variant with 46 mutations.

Overnight – Tech stock in particular were under pressure in Asia from stronger USD & higher US yields. European Open – The March 10-year Bund future is up 6 ticks, Treasury futures are outperforming, as stock markets started to correct from recent highs. Travel and tourism shares boosted indexes yesterday, but market sentiment started to turn overnight and DAX and FTSE 100 futures are down -0.2%.

Today – EZ & US Composite/Services PMI (Final), US ADP, FOMC minutes

Biggest FX Mover @ (07:30 GMT) EURNZD (+0.33%) Sank to 1.6540 earlier and has rallied to 1.6620, yesterday’s high breached 1.6660.   MAs aligned higher, MACD signal line & histogram higher, but below 0 line. RSI 57.80 & rising,  H1 ATR 0.0020 Daily ATR 0.0120.

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