Fundamental OverviewThe USD regained some strength in latter part of last week. From the monetary policy perspective, nothing has changed as the market continues to expect at least two rate cuts by the end of the year and sees some chances of a back-to-back cut in November. The data continues to suggest that the US economy remains resilient with inflation slowly falling back to target. Overall, this should continue to support the soft-landing narrative and be positive for risk sentiment. The JPY in this environment should keep losing ground against the major currencies and the Japanese officials can’t do much to reverse the trend unless the fundamentals change. The Yen will likely need weak
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