The June 2015 eurodollar futures contract just surged. It’s a proxy for Fed rate hike expectations.
June 2015 Eurodollar futures contract
The US dollar hates the idea that rates won’t be going up.
The June eurodollar contract cleared the pre-FOMC levels and, in a way that makes sense. The data last week was mediocre at best and it will need to turn much higher to bring the Fed back into the picture.