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Forex Flash: 10-year US Treasuries maintain sideways movement – RBS

According to Analyst John Biggs at RBS, “We continue to see a near-term 1.70% to 2.10% range in 10-year US Treasuries. Key support remains 2.06-2.10% in 10yrs, and first resistance is 1.90%-1.93%. We recommend to watch for ascending bear channel lines (1.93% in 10s and 3.10% in bonds) – breaks through could extend the rally while a close above 2.10% in 10s opens up 2.30%.”

Treasuries initially extended their post-supply rally into the Tokyo session with 10yr yields dipping to 1.975%, but the rally stalled in London time and the market pared its gains. The main news overnight beyond a lot of currency headlines was weaker than expected UK Retail Sales, though European/UK fixed income is only slightly better. We saw a central bank seller of the 7yr sector into the bid and smaller two-way flows otherwise.

Forex: USD/JPY soars on G20 draft, US data

The Japanese yen weakened, sending USD/JPY to fresh highs amid headlines of a leaked draft of the G20 statement, which makes no mention of a commitment not to target FX rates. G20 just wants to avoid excessive FX volatility, disorderly movements.
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Canada: Manufacturing Shipments contracted 3.1% MoM in December

Canadian manufacturing sales have contracted 3.1% during December, below the median at -0.8% and markedly lower than November’s expansion at 1.9%.
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