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Chinese Lunar New Year Holiday Quells Monday Financial Market Activity
Financial markets in China will be shut all week for the Lunar New Year holiday that ushers in the Year of the Rabbit. Hong Kong, Taiwan, Indonesia, Malaysia, Singapore, South Korea, and Vietnam are also closed today. The euro touched a nine-month high overnight of $1.0923 but subsequently settled back under $1.09 to a net gain of just 0.2% compared to Friday’s close. The dollar has also eased 0.2% and 0.4% versus the Canadian and Australian dollars but is up 0.6% relative to the yen and 0.3% against sterling. Ten-year U.S. Treasury and German bund yields are three basis points higher. Recent rhetoric from ECB ... (full story)