We reiterate our expectation of a weaker USD into H2 with EURUSD heading towards 1.20+. However, we see this driven by cyclical data weakness in the US on payback from the effects of H1. We are out of consensus on our expectation that H2 will be a bottoming process for the USD as the currency should recover in 2026, with EURUSD back down towards 1.12 by YE26. USDJPY may be close to peaking, though we may have to get past the July 20 election (more broadly Cross-JPY like CHFJPY could finally top out). Please ...