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- The US yield curve remains under pressure early Friday, with the 10y yield narrowing in on the 1.42%, a level not crossed since early March. Despite soft yields, the greenback is modestly firmer ahead of NY hours, keeping most major pairs under pressure. GBP/USD has rolled off of overnight highs of 1.4185, with EUR/USD also now below pre-ECB levels.
- The resumption of the broad uptrend in US equities has filtered through to European markets this morning, helping underpin sentiment and buoy the likes of AUD, NZD across G10.
- This modest risk-on sentiment has resulted in lower JPY, although USD/JPY remains well below the Thursday high of 109.80.
- NOK is sliding for a second session despite the rebound in oil prices, as markets continue to pre-position ahead of next Thursday's Norges decision. Weak inflation numbers this week have prompted traders to price out the likelihood of a firm signal that rate hikes could come as soon as this September. USD/NOK is higher, but remains below 50-dma resistance of 8.3318.
- The data slate is light Friday, with Prelim University of Michigan sentiment numbers the highlight.