Good afternoon from a rainy Copenhagen.

As always, Monday’s morning report will be replaced by our ‘Week at a Glance’ editorial, where we will go through the upcoming events of the week in a short and concise fashion.

The mood across assets has surely improved over the weekend after Waller’s statements on Friday, which did not give the markets any clues on whether a 50 or 25bps cut was more likely in September after yet another weak NFP report. This led both equities and commodities higher, while the USD and US Fixed Income were bid.

While risk sentiment is improving slightly, we are starting to see the first signs of ‘dash for cash’-like dynamics in USD pairs, with the USD rallying across the board today ahead of a weak liquidity month due to the upcoming tax season. The recent news coming from the Trump camp on his intentions of rolling out even more tariffs for USD-skeptical countries is also somewhat of a boost to dollar sentiment in FX space despite Harris still leading the polls.

Chart 1: Liquidity will dwindle in September before improving