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Oil prices jumped nearly 8.5% overnight, following a
surprise deal in Vienna to cut oil production by 1.2m barrels a day. This
is the first cut in 8 years. UST yields jumped to 2.39% overnight – level
not seen since Jul 2015. USDJPY was the big beneficiary. This morning,
China PMIs surprised to the upside (Mfg PMI at 51.7 vs, 51 Cons.; non-mfg
PMI 54.7 vs. 54 prior). We expect USDJPY to stay better bid on dips,
targeting our next objective 115.80; high beta plays including AUD, NZD,
should ...
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