From Marc to Market:
Overview: The dollar is finishing the week heavily. It is off against nearly all of the world's currencies. The only exceptions are the Turkish lira and Hong Kong dollar. For the week, among the G10 currencies, only the Australian dollar has not risen at least 1%, Helped by stronger than expected retail sales, sterling set a new three-year high (~$1.3500). Between the tariffs and the budget, the Dollar Index is set to snap a four-week upside correction, even as the market has pushed the next cut by the Federal Reserve into Q4.
Asia Pacific equities mostly rallied, except for China, Taiwan, and South Korea. Europe's Stoxx 600 is little changed on the day and week. US index futures have a slightly heavier bias. The S&P 500 ended a six-day rally and has a three-day downdraft in tow coming into today. Bonds enjoy a bid today, including the long-end of the Japanese curve, despite the firm April national CPI. European benchmark yields are 1-2 bp lower and the 10-year US Treasury yield is off a little more than a basis point to 4.51%. Gold is firm, though within yesterday's range. It is near $3330 after settling last week slightly above $3200. July WTI reversed lower from $64.20 in the middle of the week and, at yesterday's lows, was $4 lower. It is consolidating quietly today and is hovering near $61.00....
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