Dominant Theme - US CPI is the day trigger. The macro tape is inflation-heavy after Cleveland Fed expectations rose to 3.7%, while the institution pack says the Iran ceasefire is still fragile. Market pricing is hawkish outside the Fed/SNB/BoC near-term hold anchors, keeping AUD and EUR well-supported, CAD/NZD vulnerable, and JPY a bearish carry leg with sharp BoJ squeeze risk.
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