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US index futures trade flat, yields dip ahead of payrolls

FXStreet (Mumbai) - The major index futures in the US are trading flat to positive, while the treasury yields suffered losses ahead of the October non-farm payrolls report in the US.

At the time of writing, the S&P 500 futures were up 1 point. Meanwhile, the 10-yr yield fell more than one basis points. The 2-yr yield, which mimics rate hike bets, also declined one basis points.

The payrolls report is expected to show the US economy added 180K jobs in October, leaving the unemployment rate unchanged around 5.1%. The data could significantly alter the Fed rate hike bets and influence the equity and FX markets across the globe.

A significant majority in the market believes the Fed has already made up its mind to move rates in December. At the moment, the CME Fed funds futures indicate a 58% probability of a 25-bps rate hike in December.

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