Surging geopolitical tensions between the US and China slowed the USD rally see Ashraf's tweet below | JPY is down across the board, while JPY is only higher vs JPY as CAD and NZD are the strongest currencies of the day |
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Cryptos: Sell on EidUlFitr, buy EidAdha | The recovery in bond yields off their 100-WMA raises as many questions as it answered on Tuesday |
The major indexes showed losses of more than 2 percent, including the Dow Jones industrial average, which shed about 250 points and dropped to its lowest level in more than a year.
27US existing home sales and initial jobless claims are due up next along with the ECB | Yesterday, Ashraf shared with WhatsApp Broadcast Group Members ways to ride the latest risk-on ascent using bond yields |
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All eyes turn to today's ECB press conference | Flows continued to bleed out of equities, seeking refuge in bonds, driving down the US 10 yr yield under 1 |
The below chart shows familiar technical paramters, with yields remaining above their confluence support of 100-DMA and multi-month trend-line, while SPX touched and bounced off its 55-DMA for the 3rd time in two months.
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