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

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

Treasuries are modestly weaker today on a mild uptick in US stocks. Our overnight Treasury flows saw some central bank selling in the belly of the curve and almost no other flows. As a result, total Treasury inter-dealer broker volume plunged to just 57% of the 10-day average through this morning.

Fitch places Cyprus on rating watch negative

Fitch Ratings has decided to placed Cyprus under review to decide within cut or maintain its rating. In its own words, they have "placed Cyprus's Long-term foreign and local currency Issuer Default Ratings (IDRs) of 'B' and Short-term IDR of 'B' on Rating Watch Negative (RWN). At the same time, the agency has revised the Country Ceiling to 'B'."
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Forex Flash: Recent drama reflects ongoing need of ECB for action – UBS

Despite all the reasons and evidence to the contrary, markets are not willing to aggressive sell the euro yet. The structural impediments and the less than 'whatever it takes' attitude assumed by the ECB with regard to Cyprus were clear, but perhaps most investors know that Cyprus is still a special case in some respects and the ECB is simply keeping its powder dry. However, “this also means that when true problems do occur, the ECB will need to act with full force and by then markets would have already started to price in significant problems.” notes Gareth Berry, a Research Analyst at UBS.
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