The FX Files – CPI?…SMH

FICC Strategy Reports

Ahead of the North American session: Risk is generally bid. Asian/European bourses are up while the sell-off in core global rates looks to have stalled. Prompt natural gas contracts are up and some of that is filtering into a biddish tone for crude. Copper prices are also up as well. In FX, the upward drift in energy prices is being felt as both the NOK and CAD are at, or near the top of the overnight league table against the USD. Vols are up slightly in the front-end across most DM pairs.

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