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12 Apr 2013
Forex Flash: Wall Street extends winning streak for fourth day - OCBC Bank
OCBC Bank Treasury Analysts note that Wall Street extended its winning streak for a fourth day, amid retail optimism and encouraging initial jobless claims data.
They note that the all markets rose, (Dow +0.42%, S&P +0.36 and Nasdaq +0.09). Further, retailers rose amid rising March sales. Advancers included Ross Stores and Rite Aid Corp, while tech shares slumped amid weak personal-computer shipments in Q1. VIX -0.97% to 12.24. Looking to US Treasuries, they note that the 2y- and 10y- yields were at 0.23% (flat) and 1.79% (-2bps), bringing the 2-10 spread to 156bps. Further, they see that the US$13b 30-year note auction fetched a 2.998% yield with a bid-cover ratio of 2.49x (average 2.59x) and indirect bidding of 31.4% (low since October). The Fed bought US$3.298b in UST due May 2020 – Feb 2023. Meanwhile in China, they see tat the death toll from the H7N9 bird flu has now reached 10 with total number of people infected at 38. The latest casualty was a 74-year-old man in Shanghai.
They note that the all markets rose, (Dow +0.42%, S&P +0.36 and Nasdaq +0.09). Further, retailers rose amid rising March sales. Advancers included Ross Stores and Rite Aid Corp, while tech shares slumped amid weak personal-computer shipments in Q1. VIX -0.97% to 12.24. Looking to US Treasuries, they note that the 2y- and 10y- yields were at 0.23% (flat) and 1.79% (-2bps), bringing the 2-10 spread to 156bps. Further, they see that the US$13b 30-year note auction fetched a 2.998% yield with a bid-cover ratio of 2.49x (average 2.59x) and indirect bidding of 31.4% (low since October). The Fed bought US$3.298b in UST due May 2020 – Feb 2023. Meanwhile in China, they see tat the death toll from the H7N9 bird flu has now reached 10 with total number of people infected at 38. The latest casualty was a 74-year-old man in Shanghai.