Overnight Price Action
Equities have rallied in Asia even as rates markets have drifted and the USD has risen slightly. S&P futures are up 0.1% while the US 10yr Treasury yield is essentially flat to Friday’s close at 2.5831. The Nikkei is up 0.8%, the HSI has risen 0.6%, Shanghai is up 1.1%, but the Kospi is flat due to recent KRW strength.
The USD has rallied in thin FX trading. EURUSD has dipped to 1.3675, AUDUSD fell to a low of 0.9643 before bouncing ack to 0.9661,a nd USDJPY has risen to 97.98 after having rejected a break above 98.10. EM Asia FX is slightly softer vs. the USD, led by a 0.3% rise in USDMYR to 3.1652. USDCNY fixed down 20pips to a new low of 6.1352.
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Credit Suisse