Markets await US data to get a better idea of rate cut path from the Fed.
Traders should note the tone of the Beige Book was reportedly downbeat (we haven't seen it yet!). This is weighing on USD albeit ever so slightly. Traders would remember this is where we also played a quick counter-trend bounce in USDJPY after being sellers (this was published as a free trade idea). We aren't interested in buying USDJPY today again though right away because we have no edge in front of NFP.
JPM downgraded China's growth and its stocks yesterday also for its clients.
Eurozone retail sales came in at -0.1% YoY (Year on Year) while the market was expecting 0.2%.
We think the best course of action is to be patient and wait for the data here.
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