Anti-USD sentiments and global economic growth concerns put safe havens like JPY and CHF on top of the FX hill early in the week, largely influenced by net weak global PMI updates and early U.S. employment updates. Volatility & risk-on sentiment picked up starting mid-week when the BOC and the ECB’s cut their main interest rates, but the overall tone swiftly changed on Friday after the U.S. government’s employment situation update significantly shifted Fed rate cut expectations.
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