Daily Market Notes
The 158.61 Break Lasted One Closed Session. Tokyo Handed Back 42 Pips.
The 158.51 level went on Monday in London with Tokyo, the US Treasury cash market and Canada all shut. Tokyo reopened and handed it back: a 46-pip session, 158.65 to 158.19, which is 42 pips below Monday's close, 56 below its New York high and 34 below the only labelled simple 200-day reading in our file. But the give-back is convention-dependent too — against our own exponential reading just under 158.00 the pair is still 19 pips above its 200-day and nothing happened. And the yield print this test needed does not exist: the issuer's series stops at 8 October at 5.22 per cent, Monday's 5.24 was quoted on a shut market two basis points above it, and one vendor reports a four-basis-point move as three.