Jitters about the impact of an impending visit to Taiwan by US House of Representatives Speaker Nancy Pelosi were also driving some safe-haven flows to the yen, while weighing on other Asian currencies.
The benchmark 10-year Treasury yield fell to 2.53%, its lowest since April, in early trade on Tuesday. Wong attributed this partly to the tensions around Pelosi’s visit as well as poor economic data from China over the weekend.
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It only feels strong in South Africa, and with the news of Blinken/Ramaphosa meeting, it will gain more strength.