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October 09, 2015
We open our screens to a risk rally in full swing following yesterday’s FOMC minutes. The report seemed mixed in our opinion as on one hand, participants saw downside risks to achieving their inflation target given the international situation and the strength of the US dollar, which prompted them to wait a little longer to hike rates and on the other most Fed members deem a rate increase still likely in 2015. Market participants are recalibrating their assessment of a rate rise this year (8% and 39.3% for October and December, down from 18% and 43% at the beginning of the month) and global stocks are up as a result while the US dollar is weaker across the board (except for JPY), predominantly against EMFX and commodity currencies. Data has been scarce in the overnight, with the UK trade balance miss (GBP -3268 vs. GBP-2150) being the release of note.

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