Noting a 'catch-down' trade in high-beta FX vs peers. CAD/USD, AUD/USD making trading weaker as the former fell to the lowest since 2020. However, these rates remain relatively better when compared to sterling, scandies, and the kiwi
The GBP trades down 15.2% to the dollar thi year, the SEK is down 15.6%, AUD and CAD are down 7.7% and 4.5%, respectively
We have seen the BBDXY trading higher over the last couple sessions (post-Aug. CPI), the dollar is looking less correlated to volatility and trades closer to rate expectations. 10-yr remains below 3.5%
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