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Trending Update 08:11 - The FOMC minutes remain ...

Trending Update 08:11 - The FOMC minutes remain ...

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The FOMC minutes remain the main event today with no significant data due before that. That said the minutes are likely to be stale given the developments post previous Fed Mon Pol meeting and chatter over the next Fed chair. In our view, moves are likely to remain limited, some correction not ruled out before the US CPI on Friday which remains the key focus. EUR is buoyed by receding political risk and relatively hawkish stance by some ECB members. However, in order to see the current move sustain we will need some ECB action on QE at the next meeting. In the G10 currencies today, NOK and SEK are number one and two, respectively while USD, JPY, CAD, NZD and GBP are all fighting for the last spot. Overall the FX ranges remain tight with top gainer NOK and top loser GBP only 0.23% apart. In the equities space, the Nikkei 225 closed +0.28% at 20875 and the European equities have also opened slightly firmer with FTSE up 0.1% DAX up 0.1%, CAC up 0.1% and Ibex up 1.5% (as Catalonian risk abates). In the rates market, the German and US 10-year yields continue to consolidate, though trading slightly softer, at 0.45% and 2.35%, respectively. In the energy space, the Brent has risen slightly to $56.71, up for the third day in a row this week. In terms of data today, the Australian Westpac consumer confidence improved, coming in at 101.35 vs 97.9 previously. There is no top-tier release before the FOMC later on. In terms of central bank speakers, we will hear from Fed’s Evans and ECB’s Praet at 1115 and 1850 GMT, respectively.

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