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Japan' Q1 GDP was Revised Up, While the Eurozone's was Revised Down
Overview: The back-to-back surprise rate hikes by the Australia and Canada spurred speculation that the Fed could hike next week, and this lifted US rates and helped the dollar recover. The odds of a hike increased, according to the indicative pricing in the Fed funds futures market from about a 20% chance to a little above 35%. now. At yesterday's high, the two-year yield was up a little more than 25 bp since the low before the US employment data last Friday. It is little changed today near 4.55%. Still, the greenback is softer against all the G10 currencies, but is mostly consolidating in narrow ranges. Emerging ... (full story)