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Another session of USD strength as the DXY index surged to
fresh 13-year highs. Last seen at 101.40 levels. Most currencies
including AUD, JPY, KRW came under pressure. Implied probability of Fed
rate hike in Dec jumped to 98%. 10Y UST yield jumped to 2.35%. 2s10s
steepened to 128bps. Markets are now pricing in at least 2 hikes over the
next 12 months, as compared to previous markets’ expectation of 1 hike
over the next 12 months ...
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