July 4, 2025 02:14 PM GMT G10 FX Strategy | Japan M Idea JPY: Watching Upcoming Risk Events The strong headline US NFP print coupled with a lower unemployment rate have made it difficult for the market to price in a lower US terminal rate. However, the next risk event - the deadline of the 90-day suspension of reciprocal tariffs on July 9 - could potentially become the catalyst for USD/JPY to break through the low-end of the recent range. Maintain short USD/ JPY position. Key Takeaways Morgan Stanley MUFG S ...

30 June 2025 | 12:14PM EDT US Daily: Shifting to a September Cut and a Lower Terminal Rate (Mericle) Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co. LLC David Mericle +1(212)357-2619 | david.mericle@gs.com Goldman Sachs & Co. LLC Ronnie Walker +1(917)343-4543 | ronnie.walker@gs.com Goldman Sachs & Co. LLC Manuel Abecasis +1(212)902-8357 | manuel.abecasis@gs.com Goldman Sachs & Co. LLC Elsie Peng +1(212)357-3137 ...