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Treasury yields climbed and the dollar hit a two-year high ahead of key inflation data that could further sap confidence in the pace of Federal Reserve interest-rate cuts. Stocks in Asia are set to open lower after a breakneck US rally ran out of steam.

US data later today is expected to show the overall consumer price index probably increased 0.2% for a fourth month, while the year-over-year measure is projected to have accelerated for the first time since March.

‘Unwind risks’ for stocks are rising, Citi says. “S&P positioning is currently at the highest level witnessed in the past 3 years, with positioning levels also extended across Nasdaq and Russell 2000. Profits are elevated for both S&P and Russell and this could lead to near-term profit-taking which may limit further upside.”

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