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CROSS ASSET: Bonds Off Lows, Dragging USD Off Highs as UMich Misses

CROSS ASSET

Greenback has rolled off the day's post-data highs, with the USD Index now back to broadly flat to mirror the move in US yields. The US 10y yield has faded ~3bps from the post-PCE highs of 3.8843%, which has similarly lent some support to Bund futures which trade back to the 134.00 handle.

  • UMich's softer headline revision and the 0.1ppts drop for the one-year inflation expectation will have countered the better-than-forecast MNI Chicago PMI - putting markets on a surer footing through the London close.

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