Entering a major holiday period, liquidity constraints is likely to be the core theme today. The only data point is initial jobless claims and there are no Fed speakers. Yesterday’s milestones speak volumes for market sentiment, equities and the USD are at fresh highs; while the U.S. 10year yield is struggling at 2.25%, well below the 2014 average level of 2.54%; while the U.S. 2‐year has jumped up to 0.73%, fresh highs. We see this environment of supportive of the USD in 2015.
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