Daily digest market movers: USD upside limited as markets price in 100 bps Fed easing by year-end
- Despite the USD gains, its potential is limited by the steady dovish bets on the Fed.
- Market anticipates a rate cut in September, leading to subsequent USD weakening.
- In addition, market is pricing in a 100 bps rate cut by year-end, with some odds of an additional 25 bps.
- Over 200 bps of total easing is priced in for the coming year, barring a deep US recession.
- Market anxiously awaiting incoming data to assess Fed easing narrative
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