Yields have cheapened a bit since the open. The move has come largely on the news that President Biden will propose a $6 tln budget on Friday, which has helped boosted equities. The Dollar did little following the data, which saw Q1 GDP unrevised at 6.4%, lower than expected, while durable orders fell 1.3% versus forecasts for a 0.8% increase. Initial jobless claims fell to a pandemic low of 406k, better than forecast, while continuing claims were considerably lower as well. The USD had been on the rise ahead of the data, as Treasury yields popped higher after BoE’s Vlieghe suggested rapid recovery could see rate hikes early next year. USDJPY sits at 109.30, while EURUSD idles just under 1.2200. Equity futures remain mixed, while yields were little changed.
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Stuart Cowell
Head Market Analyst
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