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It’s infrastructure day as the market watches and waits

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Few moves in FX so far today

Few moves in FX so far today

Are we finally in the summer doldrums?

Price action is mild so far today as the dollar steadies and oil fights to recoup a part of yesterday’s decline. Treasury yields are creeping higher at the long end.

Overall though, the moves have been small and there’s no data to shake up the market.

There are two events to watch though. The Senate reconvenes at the bottom of the the hour and today they will be voting on the bi-partisan infrastructure deal just before 11 am ET. ‘Infrastructure week’ has been a running joke in US politics but it’s finally here. The bill is undoubtedly fully priced in to markets but the margin of passage will be a good barometer on whether it’s possible to do anything further in a bipartisan nature any time soon.

The other even to watch is at 2:30 pm ET speech from the Fed’s Evans. Hawks have been making noise on a sooner taper but Evans is usually in-step with the core of the Fed and a shift from him would give the dollar new life.

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