The Fed’s rate cut pricing is being re-assessed and market remains sensitive to hawkish data surprises. This could open the doors for a tactical USD recovery this week although a structural downtrend persists with March rate cut still remaining a high probability. Yen bears may return as well as BOJ pivot bets get pared, while EUR outlook turns further bearish on growth concerns emanating from a widening Middle East conflict. {chart} Dollar regained uptrend in the first week of 2024 as markets re-assessed the pace of Fed's rate cuts priced in. JPY was the worst performer as Japan's earthquake led to paring of BOJ ... (full story)