Fundamental OverviewThe USD rallied across the board last Friday following the hot US NFP report. The market priced out all the aggressive rate cuts expectations and it’s now finally in line with the Fed’s projections. The focus remains on the economic data. The next key event to watch will be the US CPI report tomorrow. We will likely need a hot report to see some more downside, while a big miss could see the market price back in a more aggressive path for rate cuts. On the GBP side, the market continues to expect the BoE to deliver 37 bps of easing by year-end with a 25 bps cut in November priced at 85% probability. Next week, we will get key data from the UK with the release of the labour
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