Having decoupled three weeks ago, the spike in Treasury bond yields in the last two days has erased the divergence between stocks and bonds with the former trading at one-month highs as offshore yuan pushed back to cycle lows…
Lot of chatter about the bond move – coincidental timing as Trump starts lambasting China for currency manipulation? Or is it rate-lock positioning ahead of a heavy calendar week?
For now, Yuan just keeps falling…
Diverging from the 10Y Yield…
So China blowback or algo-business as usual?
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