The lower demand at the five-year auction may continue in auctions in the coming weeks. This will lead investors to adopt a wait-and-see attitude for the time being.
More Quotes from Ryohei Muramatsu:
As the European Central Bank is turning more hawkish on its rate outlook, capital inflows into euro-denominated assets are expected to grow stronger.Ryohei Muramatsu
The dollar's gains today were capped around the recent peak level of 119.39 yen, because this level is also a key resistance level on charts.
Ryohei Muramatsu
Yields will have a bias to rise as concern about an inflation bulge is reignited. A rate increase in March is almost a done deal and there's a chance for another move in May.
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The market is more inclined to the perception that US interest rates will rise further.
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The yen and Asian currencies will appreciate. China week has finally begun. It will be a major focus.
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Unless the market can get a firm perception that the US Fed is ending its interest rate hike cycle, the ongoing weakness of the yen may not come to an end.
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