New York Session |
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The flight to safe assets continued in the NY session as investors shunned equities and bought heavily in US Treasuries. US stocks plunged -4.7% in broad terms, led by an -8.9% drop in financial stocks. Treasuries meanwhile caught a major bid as the 2-year note shed -16 basis points towards 1.64% and the 3-month bill dropped a staggering -65 bps to a measly 0.04% yield. The result was sharply lower JPY crosses as USD/JPY fell roughly -125 pips to 104.65 and EUR/JPY slipped
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