Multi-Asset Strategy Daily

This report outlines global market sentiment heading into daily PMI releases, highlighting stretched front-end US Treasury yields and shifting inflation narratives driven by Iranian oil supply developments.

Key Takeaways

• 1.US Treasury sell-off appears stretched in the front-end, with focus shifting to upcoming PMI data for growth sentiment validation.
• 2.Iranian oil export waiver represents a potential supply normalization story, easing near-term inflation anxieties.
• 3.European rates market remains focused on ECB patience, with PMI data as the key test for potential further repricing of hiking risk.

Table of Contents

• USD
• EUR
• GBP
• JPY

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