Thursday 13 july 09:20

Following yesterday's soft CPI print, the USD has continued to weaken. Are the fed done raising rates? The market is still pricing in one more hike at the next meeting, but it doesn't think there will be anymore after that.

Following the reversal of the USD JPY, which has taken pressure off the BOJ. Could that see the eventual return of the JPY short carry trade?

For now, the market is happy and until something changes, a soft landing should be the narative.