Dollar Woes Continues As Expectations For A Hike Pare Back

Interest rate expectations for the June 14th Federal Reserve meeting continue to pullback, affecting the both US dollar and bond yields adversely once again. It was a tough day for the Greenback, losing out across the board. This propelled gold futures towards 2k and oil back above 70. Stocks, meanwhile, soared on the first trading day of the month as E-mini S&P 500 futures reclaimed 4200 to potentially position bulls towards the 4325 region next. With a record short position by speculators, an upsddide breakout could usher in severe short covering given NQ futures are near new highs as well.