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July 25, 2017
The big dollar is mixed while European equities, US equity futures, oil and US Treasury yields are strong as the market anticipates the FOMC tomorrow. While the FED is expected to keep rates on hold, we will surely look for clues on the timing of reinvestment tapering alongside the trajectory of interest rate hikes. On inflation, the market will scrutinize any rhetoric suggesting soft inflation is due to common factors versus temporary factors such as lower cell phone prices. The EUR rose after the IFO confidence hit highest levels since 1991 suggesting Europe’s largest economy, Germany, improved for six months in July. Today we see moderate expiries near 1.1645-50 which may act as a pivot in the next couple hours.

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