USD: Lower USD For Now. Bearish. We expect USD will weaken over the next few months as low US yields and a better risk environment support carry trades and commodity currencies. The June minutes and Dudley's remarks suggest the Fed is largely okay with current market pricing, keeping US yields low. At the same time, Brexit hasn't been systemic for broader risk markets and as volatility falls, risky assets should remain supported. We likely need a bigger global economic downside surprise, out of China or possibly the Eurozone, to shake the current environment. NFP was strong on the headline but underlying details were ... (full story)