As a result of this, people are calling for one or two more Fed moves. The dollar is going to be a little bid on this one.

People are falling out of love with the dollar. The U.S. data was on the disappointing side. That doesn't help.

The ISM manufacturing number was really stronger than expected. Obviously we've seen a sell-off in the U.S. bond market. As a result of this, people are calling for one or two more Fed moves.

That is obviously a direct driver of inflation.

I'm still looking for places to sell the dollar. We're assuming that the Fed is nearing the end of its tightening cycle. That's a reason to sell dollars.

Obviously, a little more tepid than what markets were expecting.