Concerted intervention yesterday by the major central banks was successful in driving short end yields lower as liquidity problems eased. Risk rebounded sharply but it is too early to assume that this action was a game changer. Equity markets are holding in well-established ranges and longer-term charts continue to point to weakness. Safe havens like gold remain well supported and even where the dollar fell sharply yesterday it still only looks like a corrective move.
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BARCLAYS CAPITAL
TECHNICAL RESEARCH