Talking Points:
• The big data and headline-fed surprises that opened the week have settled into disquiting anticipation
• Fed speculation is entering the gravity of the Friday NFPs
• A fast track decision - good or bad - for Greece is once again caught up in negotiations
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Momentum behind the recent Euro rally and Dollar retreat has tempered as we once again trade progress for anticipation. For Fed rate speculation, the disappionting data this week - which eroded the previous week's building rate forecast - has leveled out. Now, we await the next spark in Friday's May labor report. The lead in to NFPs - like most other scheduled and major event risk - encourages speculators to pull back on momentum. Meanwhile, supposed progress on negotiations over Greece's future are once again being brought behind closed doors. Optimism is starting to ease as the size of the risks seep into traders' brains. We discuss these twin fundamental themes as well as risk trends in today's Trading Video.
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