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April 23rd, 2012
The Treasury market leaped higher on the charts in the wake of a noted deterioration in a number of big picture issues. In addition to residual slowing fears from the US in the wake of last week’s disappointing US report results, the bull camp in Treasuries was given an added lift by fresh Euro zone concerns. Surprisingly the latest concerns were not directed at Spain or Italy but instead they were directed at the Netherlands. With US and European scheduled data softening recently and the Chinese economy still showing signs of softening, US Treasuries were probably seeing some buying off renewed fears of a derailment of the global recovery effort. With an FOMC meeting looming ahead, the Treasury market is likely to see an increase in calls for more easing and that is probably prompting some fresh buying of Bonds and Notes.
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