Ahead of month-end Barclays write “strong global activity data and stickier inflation than previously anticipated challenged the Goldilocks narrative this month. The market repriced terminal rates higher across core economies, and higher yields put pressure on risk assets as concerns about overtightening increased. Geopolitical tensions remain high, with deteriorating US-China relations and no signals of a resolution of the Russia-Ukraine war, adding to poor risk sentiment. The sell-off in bond and equity markets was led by the US, while the stronger USD weighed on the dollar value of markets outside the US. These factors drive the model to produce moderate dollar buying signals across the board.”