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The recent and better-than-expected US labor market data is causing movement in the global financial markets. Government bonds came under pressure, while the US dollar gained ground and the stock markets reached new highs. The strong employment growth in June alleviates concerns about an impending economic slowdown in the US and simultaneously dampens speculation about an imminent interest rate cut by the Federal Reserve. Short-term bonds were particularly affected; the yield on two-year government bonds rose by eight basis points to 3.87%....
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