The dollar held its ground after the US CPI report yesterday here. It was a bit of a mixed one with some emphasis on the monthly core rising. But again, it just serves to rebuff expectations for a 25 bps rate cut next week. That rather than a 50 bps move and market players had to tone down their expectations on that. The odds of a 50 bps rate cut next week plunged after the data, now down to ~13%.As mentioned, the dollar was a beneficiary as bond yields also bounced. USD/JPY in particular caught a modest bid and is pushing back up now to around 142.70 on the day. That comes as 10-year Treasury yields nudge back up to 3.66% from around 3.61% yesterday. But perhaps more importantly, 2-year yie
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