Fundamental OverviewThe US Dollar has come back under pressure recently as we got a couple of soft US data. The US ISM Manufacturing PMI disappointed the market as it came lower than expected and the new orders index dropped further into contraction. The US Job Openings yesterday showed some more cooling as the data missed expectations by a big margin. The Treasury yields fell as a consequence and weighed on the greenback. In fact, the recent appreciation of the EUR has been mostly driven by the US Dollar side of the equation. From a monetary policy perspective, there’s now a 50/50 chance of either a 25 or 50 bps cut at the upcoming FOMC meeting, so the NFP report tomorrow will decide by how
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