The week has started off on an upbeat note for risk sentiment as recently troubled US tech stocks led a broader rally in the equity segment yesterday. The dollar, in a week without major idiosyncratic drivers, has stayed mildly offered. Today, external factors will remain in the driving seat, with the US data calendar still very light and some Fedspeak that has so far disappointed any hawkish expectations in the market. Yesterday, three Fed officials (Brainard, Bostic, and Bullard) all played down concerns about persisting inflation. This has been the strongly prevailing tone since the surprisingly high inflation read for April and it may be by and large what we will hear today from Evans, Barkin, and Quarles (the latter at a Senate testimony), if any monetary-policy comments are made at all. The dollar may therefore remain broadly-offered for the time being, with commodity currencies still reaping most of the benefits thanks to a strong start to the week in the commodity segment and the broadly supportive risk environment. CAD is, for once, lagging other pro-cyclical, which may be due to its positioning being quite markedly skewed on the long side.

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