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April 29, 2016
The Big dollar remains well offered against its G10 peers this morning, as the market is recalibrating its rate hike expectations following yesterday’s slight miss on U.S. Q1 GDP. The Fed Funds futures market is now pricing in odds of a rate increase at 12%, down from 21% only two days ago. The main beneficiary of this move lower by the Greenback is the Yen, as it’s up 1.2% to start the North American session. Even though Japanese markets are closed for a national holiday, USDJPY continued on its downtrend, relying on spec names unwinding short JPY positions to build downside momentum in the pair.

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