The US dollar is off the best levels of the day as we count down to the New Year.This time of year is all about flows and tomorrow is the final day for US tax-loss selling in equities, so that's an important factor to note. In the bigger picture, the market continues to recalibrate towards larger global rate cuts next year. Fed fund futures price in 155 bps of cuts but I don't think many other markets have caught up to that level of interest rates.Two spots where we're seeing that unfold is the low-yielding Japanese yen and Swiss franc. Both have been extremely strong this week and USD/JPY hit the lowest since July earlier today at 140.66. USD/CHF has blown out over the past two days as well
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