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A stark reminder that the bond market is still in charge


Lower open prices

The US bond market was closed for Thanksgiving but reopened just after midnight GMT and yields fell 3-6 basis points on the curve.

I suspect these are just concerns about the new covid variant, but regardless, and despite an extremely tight market, it dominates the price action in everything.

In FX, USD / JPY fell 50 pips on the rate move:

Sometimes price action can create a narrative and I think we’ll be hearing a lot more above covid in the day ahead because some South African officials have sounded the alarm bells.
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