Rates open lower

The US bond market was closed for Thanksgiving but opened again just after midnight GMT and yields fell 3-6 basis points across the curve.

My suspicion is that this is all about worries about the new covid variant but whatever it is, and despite an extremely thin market, it’s dominating price action in everything.

In FX, USD/JPY has fallen 50 pips on the rate move:

Rates open lower

At times, price action can create narrative and I think we’re going to be hearing much more above covid in the day ahead because some South African officials have sounded the alarm.
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