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Canada enters technical recession following weak quarter
Canada enters technical recession following weak quarter. DXY stays range bound. Euro sentiment turns subdued.
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Conflict tensions, fresh US data muddies the outlook
Conflict tensions and fresh US data muddies the outlook. Fading resilience into month-end. Stays on the defensive.
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Dollar range-bound as narratives struggle to advance
Dollar range-bound as narratives struggle to advance. CAD stays on the defensive. Losing carry in a low-vol world.
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From tactical noise to structural strength
From tactical noise to structural strength. Hormuz uncertainty caps EUR/USD. Yield differential pushes USD/CAD higher.
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End of conflict optimism sends oil lower
End of conflict optimism sends oil lower. Yield differential pushes USD/CAD higher. Peso strength defies weak domestic backdrop.
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Cautious optimism
Equities continue to look through inflation and energy risks. The dominant macro story has been a global bond sell-off led by the US long end. FX has been re-anchored to real yield dynamics.