CORE REGIME — US rate repricing drives broad risk-off: SPX -0.75%, NQ -0.85%, WTI higher and USD stronger. Australia's headline jobs beat masks falling full-time work and 4.6% unemployment, shifting AUD research to weak bearish (-1); positioning cushions the combined score at +1. CHF -3 and GBP -2 remain weakest. SNB and Fed communication lead the remaining event risk.
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