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US ISM Non-mfg came in well under expectations with a
print of 51.4, deteriorating from the previous 55.5. The DXY index
slammed dunk below the 95-figure. Implied probability of a rate hike in
Sep as priced by fed funds futures fell to 24% by Asia morning. Equities
fell at first at the data but tracked the oil prices higher before
closing with small gains. UST yield curve steepened with 1M yield
dropping around -1.45bp while longer tenors rose. In particular, 6M
yields rose 3bp...
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