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ForexLive Asia FX news wrap: US 10 yrs bounce – ForexLive


Forex news for Asia trading
for Friday
26
February 2021

Asia
bonds joined the global rout in
early trade,
as did regional stock markets, helping to
propel
the US dollar to add to its Thursday (US time) gains. Also
of assistance to the prevailing mood resulting in the stronger US
dollar was a US airstrike in Syria against infrastructure used by
Iranian-backed militia. The strike was in response to Iranian
attacks on US interests in Iraq, most recently last week.

The
S&P500 emini stock index futures contract fell further also, but
has staged a rebound following the news the US Senate will not
consider the $15 Biden minimum wage plan (part of the President’s
coronavirus economic relief package) – a buy the fact response it
appears.

As
the morning in Asia progressed a bid emerged for US 10yrs, taking the
price well off rout lows and translating into a small bounce for
currencies against the dollar. As I post EUR/USD is net little
changed on the session while AUD, NZD, GBP are all circa mid of
their respective ranges. Of assistance to the AUD bounce was the
Reserve Bank of Australia buying 3-year bonds (an effort to send
yields to their target of 0.1%), the buying was especially notable as
the RBA schedule for these operations
is
on Mondays Wednesdays and Thursdays. USD/CAD is little changed on the session also. 

With
all this USD/JPY traded weaker on the session, giving up 50+ points
from an early high circa 106.40

On
the data release docket today, Japanese retail sales (January) slumped again,
the state of emergency impacting negatively while
industrial output
rose
for the first time in 3 months. Australian
private credit grew, housing still leading the way with investor
credit moving
into positive. 

Bitcoin lost ground during the session, hitting as low as circa $46K.

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