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Rate Continues to Make Good Progress as USD Fades at NY Crossover

  • GBP/USD continues to recover and recoup yesterday's late losses, with the USD giving up early outperformance. GBP/USD is well back above 1.3550 and is now nearing the 1.36 psychological handle, which would in turn open yesterday's highs of 1.3644.
  • The greenback continues to eke higher across G10, with some attention being paid to some comments from CNBC's Steve Liesman, who cites officials both on- and off-the-record as talking against Bullard's outright hawkish interview late Thursday. Clip of Steve Liesman's comments found here:
  • One notable example is MNI's interview with Fed's Daly late yesterday, in which she stressed she doesn't see the Fed as behind the curve and downplayed the need for a 50bps rate rise at upcoming FOMC meetings.
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