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Forex Flash: 10-year US treasuries continue to trade sideways – RBS

FXstreet.com (Barcelona) - The market continues to see a 1.75% to 2.15% trading range in 10-year US Treasuries Thursday. According to the RBS Research Team, “Key resistance remains 2.15% in 10-years, while near term support is at 1.83%. Our bias remains to modestly lower yields in the near-term, though confidence in our abilities to call even minor moves in this environment is ebbing as the dominant rate trend remains sideways.”

Treasuries have extended yesterday's losses a bit this morning as China's PMI showed a 5th month of expansion and UK retail sales came in much stronger than expected. In European hours our flows picked up (from nothing) and we saw leveraged and spec selling in 10-years and 30-years along with levered buying in 5-years. Total Treasury inter-dealer broker volume was 99% of the 10-day average through this morning.

Forex Flash: Scope for GBP/USD recovery in short-term – UBS

According to Research Analyst Gareth Berry at UBS, “GBP/USD positioning in particular may have gone a bit too far in the short-term so there is scope for some recovery, but it does open the way for some more structural policy factors to be priced in.” The key point being that FX markets have always traded through pricing in policy differentials: be it through interest rate differentials or the pace of QE.
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Forex: EUR/USD threatening 1.2900

The bloc currency is hovering over the key support of 1.2900 at the end of the NA session on Thursday, heading south as there was no progress from the last meeting of political leaders in Cyprus....
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