Still very calm financial markets overall with limited variations on the stock market and no big moves on the FX market either. The EUR/USD exchange rate is trading near 1.2075, just as it was yesterday morning. However, the US 10y bond yield has rebounded to 1.64%, its highest level for more than 2 weeks. The bond market is cautiously positioning itself before the Fed meeting, just in case there is a nasty surprise, such as the mention of a reduction in bond purchases. This is probably too soon and things should be back to normal tonight.
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