With the 3-day weekend for the US and UK in the rear-view mirror, we can look forward to replenished trading volumes for major exchanges. The low-liquidity environment has allowed the US dollar rally to pause for breath and any market against it to regroup. So a key question as economic data begins to pick up is whether the dollar needs more of a pullback from current levels, or it simply wants to trade higher for a fourth week. As things stand, Fed Fund futures imply a 63% chance of a 25bp Fed hike in June, which is more than triple than it was just over a week ago. And as investors are still coming around to the ... (full story)