The risk trade remained in vogue in NY trading and the greenback ultimately suffered the consequences. Equities extended what we deem to be a rather unsustainable rally and rose 1% for the fifth consecutive session. This was not confirmed by the bond market, which also rallied. The 10-year yield collapsed more than -12 basis points to 3.35% as a strong 30-year auction showed robust demand for US paper. Gold trended higher in NY trading after a downbeat overnight but the 00 level remains elusive nonetheless. Full text »
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