Currency Updates:
No surprises from FOMC minutes with suggestion that June hike is off the table. Current market pricing of US Fed interest rate hike is Jun 6%, Sep 40%, Oct 63%, Dec 94%.
The question now is whether the USD bid this week is a correction of the USD sell off past two months or a continuation of the broader USD rally past year.
The market will continue to be data dependent and news driven. Tonight, we have ECB minutes, USD existing home sales, Philly Fed Manufacturing, ECB’s Draghi speaking amongst other events. Greece saga continues with deal deadline at the end of the month.
Trading Quote of the Day: “There is nothing wrong with changing a plan when the situation has changed.” –Seneca
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