Markets are mixed into the open shifting to a safe haven bid with a generally strong USD, soft equities, and lower safe haven bond yields in the US, UK and Germany, but higher throughout the rest of Europe. The core focus in the European session was CHF trading, but the markets attention is quickly turning towards tomorrow’s FOMC release, where we expect no major change to the Fed’s policy stance. Most currencies have failed to reach fresh lows today, providing an early sign of stabilization; in addition, both GBP and JPY have been trading in narrow ranges. Today there is a slew of data, with the highlight durable goods.
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