CORE REGIME - The Treasury's long-end buyback expansion triggered a broad Dollar reversal, lifting every G10 peer and pulling long yields lower into the FOMC Minutes; the confirmed US-Canada trade deal removes the tariff overhang that had weighed on CAD. AUD is the cleanest positive stack; NQ remains the clearest laggard as AI-capex anxiety persists despite the yield relief. Iran-Hormuz incident flow and the one-quarter scope of the buyback keep the medium-term hawkish-USD case alive.
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