Fundamental OverviewThe USD yesterday came under pressure following the miss in the US ISM Manufacturing PMI which triggered a drop in Treasury yields. In terms of market pricing, not much has changed as we still oscillate between one and two rate cuts by the end of the year. Nonetheless, the data reinforced the narrative that the next move is more likely to be a rate cut, and that inflation is likely to keep coming back to target. The JPY got a boost mainly from the weak ISM PMI as the drop in Treasury yields weighed on the US Dollar. There’s nothing at the moment that can support the Yen except weaker US data. The US data this week could put further pressure on Treasury yields, which could
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