Last week was a busy period for central banks: the Fed cut as expected while the Bank of Canada, Reserve Bank of Australia, and Swiss National Bank held rates steady. Economic data showed slowing growth in the UK and Japan, persistent deflation and weak credit expansion in China, and a modest rise in retail inflation in India. Global equity markets ended mixed, while US Treasury yields rose broadly, steepening the yield curve. The US dollar remained soft, and oil prices declined The DXY remains under pressure. With a large technical top still in place following the break below its 2023 and 2024 lows, a retest of key ... (full story)