Global FX and Rates: FOMC, Payrolls, Refunding and Trade deals

In J.P. Morgan's "At Any Rate" podcast, Meera Chandan and Jay Barry discuss the week's market events, focusing on FX and rates. Meera acknowledges a tough week for dollar bears, while Jay analyzes the Fed's stance, the latest jobs report, and the implications of the Treasury refunding announcement. They debate the significance of the unemployment rate versus payroll numbers and the potential impact of political pressure on the Fed. Meera attributes dollar strength to positioning clean-up rather than fundamental drivers, while Jay points out the importance of technical positioning in the Treasury market. Both remain aligned with their existing outlooks, with Meera staying bearish on the dollar and favoring European currencies, and Jay anticipating lower front-end yields and steeper curves.