Fundamental OverviewThe surprisingly weak US NFP report last Friday triggered risk-off flows. Interestingly, while many major currencies weakened against the USD, the Euro strengthened a lot which reminded the famous words from former ECB’s President Draghi when he said “The Euro is like a Bumblebee. This is a mystery of nature because it shouldn’t fly but it does.”It might be due to yields spreads shooting in favour of the Euro as the market priced in a very aggressive rate cuts path for the Fed or just because it’s the second largest world’s reserve currency. Anyway, at the moment the market is expecting the Fed to cut rates by 50 bps in September and a total of 110 bps of easing by year-e
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