KBC Bank 1/4: The big reflation trade took a moment to catch its breath yesterday. Circumstances were ideal with no important data scheduled to trigger abrupt market moves. Equities finished broadly unchanged after erasing earlier losses, both in the EMU and the US.
KBC Bank 2/4: Core bond yields traded choppy and below recent (recovery) highs. The US kicked off its bond sales with 3yr tenor. The auction went smoothly but didn’t impact markets. US Treasuries edged higher at the long end of the curve, sending rates marginally lower driven by
KBC 3/4: the real yield component. German yields ended a volatile trading day flat. Peripheral yield spreads widened just 1 bps. #USD traded on the back foot even as risk sentiment was fragile. #EURUSD took out intermediate resist around 1.208 to finish session north of 1.21again
KBC 4/4: #USDJPY ended in 104.5 area. #DXY (90.44) gave up next supp at 90.51 (23.6% retracem Sep’20 - Jan ’21). #Sterling staged a similar trading pattern as Mon, erasing European gains to close flat near 0.877 opening. The move suggests pound’s momentum remains fairly resilient
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