In the aftermath of the tragic bombings in Brussels, markets have stabilized with some risk coming back to markets: USD/JPY is back up. However, the pound remains depressed on heightened risks of a Brexit. This also weighs on the euro. Elsewhere, we heard some more hawkish words from Fed officials and it seems the Fed is moving away from the extreme dovishness seen in the rate decision last week. The Canadian budget should keep the BOC on hold without impacting the C$. US primary contests left Clinton and Trump in the lead, but the races remain open.
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