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Investors hoping for a reprieve in the U.S. bond selling frenzy got their wish on Monday, which should bode well for Asian markets on Tuesday, although the doubts about how long the calm lasts are bound to swirl.
All of these could trigger short-term moves in the respective currencies, which all gained ground to varying degrees against the beaten down dollar on Monday. The big picture, however, is still dominated by the ebb and flow of the U.S. Treasuries market. The 10-year yield finally broke above 5.0% on Monday but quickly tumbled, and the peak-to-trough slide of 20 basis points pushed U.S. stocks into positive territory for most of the day and dragged down the dollar.
"The unfavorable interest rate spread between China and the US will likely imply persistent depreciation and outflow pressures in coming months," Goldman analysts warned.
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