🔻USD May Implied Rate Falls Below 5.0%: Cable FX Macro

• Markets trimmed hawkish pricing on dollar swaps after data releases on Friday. The docket saw Non Farm Payrolls, ISM services index

• The decline in the implied rate was extended after the services survey showed a reading of 49.6 vs the median estimate of 55.5, the actual was lower than the forecast range

• The weak service reading and the decline in the prices components can be interpreted as a sign of progress from the Fed's hiking campaign