Strong treasury yield continued to be a major theme last week. But for now, it seemed 10-year yield could still break loose from the "magnetic field" of S&P dividend yield at around 1.5%. Indeed, US stocks, including NASDAQ staged a strong rebound on Friday, as 10-year yield settled back in range. Such theme will likely remain dominant for the near term. In the currency markets, Dollar ended broadly higher after Fed Chair Jerome Powell's indifferent comments on yield. Though, Canadian was the strongest, with additional support from oil prices. Swiss Franc, Yen and Euro ended as the worst performing ones. With ECB meeting scheduled on March 11, there is prospect of some more downside for Euro. |
