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Forex Flash: Irish bond auctions impress – Deutsche Bank

Ireland achieved a milestone yesterday with its first 10-year bond auction since its bailout in 2010. Indeed, the country managed to upsize its final deal size to €5.0B (from an initial plan of about €3.0bB), which attracted an order book of over €12.0B across 400 separate accounts. According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, the bond was priced at a yield of 4.15% which is now slightly below where Italian (4.66%) and Spanish (4.75%) 10-year bond yields are. Spain has a scheduled auction later today across 2029, 2040, and 2041 maturities.

Session Recap: USD reverses gains

The European session was characterized for broad dollar strength after the eurozone reported disappointing employment figures as EU leaders meet yet once again. However, USD reversed gains at the beginning of the NY session, as investors cheered-up the fifth consecutive dip in US initial jobless claims.
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Forex Flash: USD/BRL to rise to 1.97 in Q1 before rising easing to 1.95 in Q2 – TD Securities

The Brazillian Central Bank is not ready yet to hike interest rates as more time is required to assess the complexity of both the domestic and external environments, according to TD Securities analysts' interpretation of the March meeting minutes. “Thus, we continue to see scope for disappointment, whereby market-implied expectations anticipate very aggressive tightening in terms of resumption and magnitude of the cycle”, wrote analyst Cristian Maggio, indicating a lot more hawkish minutes this time in comparison to January.
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