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USD trading defensively and commodities leading with strong oil - ANZ

Analysts at ANZ explained that markets finished last week with a slight risk-off tone as equities pushed lower and yield curves continued to flatten. 

Key Quotes:

"FX markets lacked any real direction, but the USD traded defensively. Fixed income markets remained supported with some jitters over the outlook for equities and high yielding credit, which lent some mild support to safe-haven assets. 

The US treasury curve flattened further, with 2-year up 1.3bps and 10-year down 3.2bps. 

In Europe, the major equity indices fluctuated but finished 0.3-0.5% lower. While trading was less volatile in the US, the major indices closed down 0.2%-0.5%. 

The one positive was commodities, which finished higher led by oil (+2.6%) and grains/softs." 

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