The rupee closed marginally higher at 83.4225 on Friday. It logged a slight weekly loss compared to most Asian currencies, which rose week-on-week
Yellen visit moves the needle
Market participants said that the 7.12 per cent yield on the benchmark bond faces technical resistance and it might sustain as long as US yields do not surge further
The benchmark US 10-year Treasury yield remained high on Tuesday, though it was short of the 5 per cent level
"Other majors have been more stable, even as yields continue to move higher. Maybe there is some caution ahead of Powell later in the day"
The government bond yield curve has remained flat for the past few weeks, with the four- and five-year yields at around 7.25% and the 10-year benchmark bond yield at 7.23%
Euro zone bond yields also held near multi-year highs as the narrative that central banks will keep rates higher for longer held sway
Stocks to watch on August 22, 2023: As per reports, about 30 per cent equity worth Rs 541.5 crore will change hands via a block deal in SJS Enterprises today
The rupee could continue to see near-term volatility
The benchmark Indian 10-year government bond yield ended at 7.4161% after closing at 7.4117% on Thursday
Fund raise drops by 93.3% year-on-year to $210 mn in the quarter
Investors bracing for another jumbo Federal Reserve rate hike are focused on a few key trades: betting on deeper inversion in the US yield curve, further losses in stocks and a stronger dollar
As investors and the bond market brace for a sharp hike in policy rate by central banks to fight inflation, the yield curve has inverted in the US
Hints at possibility of recession or a big decline in economic growth
The dollar rose to a two-week high versus the yen on Wednesday, lifted by higher Treasury yields as global inflation worries flared anew
On Thursday, the Bank of England is expected to raise rates for the fourth time in a row
These are some of the investor expectations now that bond markets have taken another step toward pre-pandemic normality, with benchmark inflation-adjusted Treasury yields climbing above zero.
Asian markets including Hong Kong, Singapore and Australia are on holiday on Friday for Easter, as are major European and U.S. markets.
The party may not be over yet, but the markets globally are entering a dangerous phase
The pan-European STOXX 600 index rose 0.62% and MSCI's gauge of stocks across the globe gained 0.05%