DOMINANT THEME - Selective risk-on after softer headline PCE, with USD now neutral as strong US activity is offset by lower yields and hawkish ECB communication. Micron and bank buybacks support ES/NQ dips, while Hormuz normalisation pressures oil. The best FX expressions are selective: fade weak/crowded NZD and CAD, but avoid treating EUR/USD as a clean USD-bullish trade.
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