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Yellen ‘confirms’ the Fed won’t change policy in June and likely neither in July. Despite the resignations of Brixit Secretary David Davis and British Foreign Minister Boris Johnson, Prime Minister Teresa May confirmed that the transitional period for bexit will not change. The German 10‐year yield is irresistibly close to the all‐time lows, while the US 10‐year yield approaches again the 1.70% support area. We are no fan of Bunds at such lofty levels. In the US, markets will still be occupied by guessing the timing of the next rate hike, brexit date, moreover, the trade war.

Fed Chairwoman Yellen signalled yesterday the Fed won’t raise rates next week, pointing to sizable uncertainties, which should be resolved first. Yellen however added that she expects the economic expansion to continue, reaffirming that the federal funds rate will need to rise gradually over time.

From Australia, the Reserve Bank of Australia left interest rates unchanged at its record low level of 1.75% as it judged policy is consistent with sustainable growth in the economy and inflation returning to target over time.

While the Turkish President Erdoğan took the oath yesterday. As the Turkish lira suffered a news story about a decree that included changes in the Turkish Central Bank Law and news of the appointment of the Turkish President son-in-law as the minister of finance.

Two polls showed this morning that Britons narrowly favour remaining in the EU. According to the YouGov survey, the “remain’ camp rose by 2 points to 43%, overtaking the “Leave’ side which dropped to 42%. The ORB telephone survey showed the lead of the “Remain’ camp slowing to just one point.

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