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The week in a nutshell:
The USD didn’t really do much this week, recovering slightly after last week’s losses
US yields rallied strongly at the start of the week, but gave back a lot of gains at the end
European yield curves strong steepening over the last two weeks looks to have ended; how they perform in the coming weeks will be an important indicator of what is to come
Commodities continue to trade according to idiosyncratic factors rather than in conjunction with broad macro headwinds or tailwinds – aluminium has gone parabolic while iron ore struggles and copper stays range bound
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