They believe that the dollar will resume strengthening from further deterioration in risk appetite but markets will await fresh drivers. They note that EUR/USD appears capped for now around 1.2800 and is trading heavily while USD/JPY has held on to its recent impressive gains. Looking further afield they note that the Israeli Shekel is firmer today despite the recent escalation in regional tension.
Looking to peripheral EZ bond yields they note that they are down modestly today after an Asian session which saw the MSCI Asia Pacific rise 0.5%, European Stocks are down nearly 0.5% so far on the day and S&P futures point to a lower US open.
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