Markets have dramatically shifted course over the last week, driving volatility substantially higher, on the back of a deceleration in the outlook for global growth and inflationary pressure. Data prints over the last two days have added to these fears, driving a wave of safe‐haven USD buying. Accordingly the USD is strong, but on the back of safe haven. There is no fundamental data today or Fed speeches, but markets are entering the NA open on nervous footing.
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