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October 18, 2016
The US Dollar is mostly weaker across the board this morning ahead of U.S. inflation data expected later today. The Fed’s Fischer failed to provide any meaningful hints or direction regarding Fed monetary policy, resulting in some worries that the Fed may be more divided for a 2016 move than previously anticipated. Odds of a December Fed rate hike remain at 66% according to Fed Fund Futures. Elsewhere the New Zealand Dollar was a clear G10 outperformer overnight, gaining nearly 1% against the Greenback off the back of a positive CPI surprise. The better than expected print resulted in OIS markets cutting odds of a RBNZ rate cut in November from 84% to 79%.

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