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There were no data releases from Eurozone on Friday. Societe Generale FX Strategy Research notes that the dollar’s trade-weighted index (TWI) continues to track real yields fairly faithfully, but right now that leaves the dollar in no man’s land. In that context, SocGen notes that the improving correlation of the euro’s TWI with real German bond yields. "It’s more usual to see the euro TWI track EUR/USD, which in turn is more affected by US yields than European ones, but as the latter get stuck in a range, Europe matters more. With strong economic data, fading political concerns and two weeks to go until the June ECB meeting, German real yields are on an uptrend," SocGen adds.

In the US session GDP and Durable Goods Orders figures were released. Real gross domestic product (GDP) increased at an annual rate of 1.2 percent in the first quarter of 2017, according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.1 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month.  In the advance estimate, the increase in real GDP was 0.7 percent.

 

New orders for manufactured durable goods in April decreased $1.6 billion or 0.7 percent to $231.2 billion, the U.S. Census Bureau announced today. This decrease, down following four consecutive monthly increases, followed a 2.3 percent March increase. Excluding transportation, new orders decreased 0.4 percent. Excluding defense, new orders decreased 0.8 percent. Transportation equipment, down following two consecutive monthly increases, led the decrease, $1.0 billion or 1.2 percent to $78.5 billion.

 

There will be no data releases both from Eurozone and USA on Monday, so we can expect overall steadier session. 

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