"The USD was under pressure as New York trading began and the more hawkish tone to the ECB minutes saw the move accelerate.
The weaker-than-expected US PPI added another leg to the dollar sell-off. US treasuries were relatively stable through the data with a long-end auction scheduled for later today.
US CPI tomorrow will also be important to watch. European equity bourses were mixed with the periphery outperforming but the DAX closing down 0.6%.
US stocks rose with the Dow up 0.6% and S&P 500 up 0.4% at the time of writing.
European 10-year yields were up 4-6bps after the ECB minutes were interpreted as hawkish, but were down 2bp in the US. Oil rose, with Brent hitting USD70/bbl for the first time since December 2014 in what’s been a pretty straight-line move from USD45/bbl in June."
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