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Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
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Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
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The U.S. Treasuries plunged Friday as investors await the country’s fourth quarter gross domestic product (GDP) scheduled to be released today shortly.
The yield on the benchmark 10-year Treasuries jumped nearly 2-1/2 basis points to 2.64 percent, the super-long 30-year bond yields surged close to 2 basis points to 2.89 percent and the yield on the short-term 2-year traded nearly 3 basis points higher at 2.11 percent by 12:35GMT.
Like in the UK, today brings Q4 GDP figures from the US. Mike Moran, our US chief economist, forecasts a 2.8 percent q/q annualized growth rate, down slightly from the Q3 reading of 3.2 percent. While this is a touch weaker than the market consensus and the latest Fed forecasts, the pace would match the average over the first three quarters of the year and would still be consistent with elevated growth momentum.
Firm consumer spending and business investment growth are likely to be the main contributors, but they will probably be partly offset by weaker net exports and inventories. Among other US data worth watching tomorrow are the latest durable goods orders for the month of December, as well as the preliminary trade and inventory data for the same month postponed from today.
Meanwhile, the S&P 500 Futures traded 0.26 percent higher at 2,848.50 by 12:40GMT, while at 12:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at -28.38 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
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