The probability of a 50bp rate cut in September is now only 63%, compared to 78% yesterday and 95% a few days ago.

Investors are less concerned about a potential recession, which is why the dollar has risen after retesting the 102.4 level.

Stock markets have recovered well. Japan is also not going to raise rates further, which initially caused its stock market to crash. This is good news for financial markets, as we may finally return to the actual TA without interference from external factors.

We only got news of a possible escalation in the Middle East, which could still add selling pressure.