The yen is firmer and commodity currencies weaker as stocks in Asia ebbed. The S&P 500 future also shed 0.5%, wiping out the fractional closing gain the cash index saw in the regular Wall Street session yesterday. Oil prices have softened moderately, and base metal prices are down, too. Fed rate hike fears are at the root of the cautious sentiment presently. The stronger than expected headline job gains from Friday has revived angst the FOMC will hike rates this year, a notion that had been priced out during the opening weeks of 2016.
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