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US Futures Rise With All Eyes On Kuroda As Global Stocks Tread Water

Following yesterday’s Fed decision and ahead of tonight’s far more important BOJ announcement, European stocks have posted modest declines, Asian shares rise toward 9-month highs, while U.S. equity index futures are fractionally in the green in the aftermath of Facebook’s blowout earnings. The dollar has extended on losses after Yellen reiterated a gradual approach to raising interest rates, with the BBDXY down 0.5% in early trading after slipping 0.4% over the previous two sessions.

A re-read of the Fed statement by traders, initially seen a hawkish, suggested no guidance for a September hike and as such the US currency weakened against all but two of its 16 major peers as bets on a rate hike in 2016 first rose but ultimately dropped below 50%. “We’re seeing broad dollar weakness,” said Yuji Kameoka, chief foreign exchange strategist at Daiwa. “Even though the Fed did note some improvements in the economy, a rate hike in September still isn’t certain.”  …

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