Bonds unimpressed by revisions
The US dollar has been buoyant since the release of upward revisions to Q1 US GDP but weak core durable goods orders and continued uncertainty about the Fed has left the bond market less convinced.
US 10-year yields are down 2 basis points today and have fallen 6 bps since the release of the Fed minutes.
Taking a step back, the US dollar strength is more of a reflection of broad GBP and EUR weakness. The gains against JPY, AUD and CAD have been nil or modest.
