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Forex Flash: 10-year US treasuries await Fed testimony tomorrow – RBS

Markets continue to see a near-term 1.70% to 2.11% range in 10-year US treasuries Monday – According to the RBS Research Team, “key resistance remains at 2.11% in 10yrs. We recommend watching for ascending bear channel lines (1.945% in 10-years and 3.135% in bonds) – a break of which could extend the rally while a close above 2.11% in 10-years opens up 2.30%.”

Treasuries are little changed as markets await Ben Bernanke's testimony tomorrow and following the exit polls of the Italian election. Once past these, market focus is likely to shift to month end and a decent Treasury extension along with a likely trip over the Sequester cliff at the end of the week.

China's HSBC Flash PMI slipped to a 4-month low but Japanese stocks rallied sharply on word that Kuroda of the ADB would likely become the next BOJ Governor. EU spreads see semi-core little changed and peripherals modestly tighter. Moody's warned that the recent European Commission forecast for economic contraction this year is a credit negative for all European sovereigns.

Forex Flash: The relationship between gold and AUD/USD rates – NAB

Following a quite upbeat testimony in Canberra on Friday from RBA governor Glenn Stevens, and which caught the trading market short AUD, the AUD/USD ended the Asia-Pacific week little changed from week ago levels. This is despite a near $100 drop in the gold prices in the past two weeks and which demands some attention from the AUD markets.
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Forex Flash: EUR longs continued to shrink – Rabobank

The bloc currency is meandering around 1.3200 on Monday, as rumours from the exit polls in the Italian elections grabbed all the attention so far. The apparent good performances of Beppe Grillo and...
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