The dollar traded better into month-end but is softer today. The Scandis and dollar-bloc currencies are leading with around 0.2%-0.5% gains. In addition to US manufacturing PMI and ISM surveys, and construction spending, auto sales will trickle in, but key for market participants today will likely be Fed Chair Powell’s comments and the extent that he pushes against the dramatic rate cuts, with more than a 50% chance of the first cut by the end of Q1 24 and two cuts nearly fully discounted by mid-2024. The JP Morgan Emerging Market Currency Index is slightly firmer today to narrow this week’s loss, its first in three

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