The short end of the US Yield curve is shedding some of the gains seen since the Payroll report, with Dec Eurodollar futures rising by around 14 basis points so far this morning as the market moves away from expecting early US rate hikes. Some quite horrible weekly Redbook sales data, down 4.4% y/y isn’t helping matters, with Eur/Usd moving up through offers at 1.3980 to test sellers at 1.4000. The story is the same elsewhere with Cable breaking through 1.6200 to hit 1.6230 so far.