Bond yields seem to be levelling off despite strong US job creation, the vote on the stimulus package and soaring oil prices

Given the context, it seems strange to see the US 10y below 1.6% this morning. The US economy added 379k new jobs in February, the Senate voted the $1.9tn stimulus package and Brent prompt prices topped $70/b after Houthis attacked the main Saudi oil site (see the Daily Oil for a comprehensive analysis). Chinese trade data released over the week-end were also very strong, but biased by the basis effect linked to the pandemic. The USD keeps on strengthening and the EUR/USD is now trading below 1.19.

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