Positive sentiment seen on Friday on the Wall Street was echoed in Asian markets today. Investors seemed to have turned their attention to US inflation data, due on Wednesday. Hang Seng was propped up by IT and Financials, while ASX 200 was dragged by the latter. Japanese markets were closed for trading today, on account of National Foundation Day. Along with lower volumes due to the Japanese holiday, volatility in the markets was also observed to be lower. In China, PBoC maintained liquidity, after a series of recent drains by skipping OMOs
US treasury yields were at 2.85, slightly lower than the four year high touched last week. Bond yield backup remains in focus. Increased sensitivity to bond yields continues to drive the markets, with the street looking for a year on year decline to the inflation numbers.
The US Dollar has been trading weaker against most majors. The Sterling recovered much of the losses made on Friday after the EU’s chief Brexit negotiator warned a transition period for the UK government was “not a given”. Commodities largely recovered in today’s trading – with WTI gaining one percent, following Friday’s losses on higher US production concern
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