Market pricing for Fed cuts in 2024 has stabilised around 45bp after last week's events (FOMC and payrolls) and has so far been rather unresponsive to post-meeting FOMC members’ remarks. The dollar is – for once – not being influenced much by domestic drivers and may face further stabilisation in the coming days. There are some further upside risks for DXY as JPY remains under pressure and a rate cut in Sweden this morning (more in the SEK section below) may soften demand for European currencies.