Morning traders, nothing meaningful coming out of the Biden Powell meeting yesterday, today's focus is on US ISM manufacturing data which will give us a glimpse of whether the country is slowing down meaningfully (leading into a recession) or not, once we know that we can think about executing a trade for the week on the sentiment Meanwhile, JPY weakness due to the rise in OIL prices, which is leading to higher inflation expectations, which is leading to higher US10Y yields which is leading to continued JPY weakness, JPY longs will have their time to shine when the recession scenario becomes an unquestionable fact, but apparently (for the market) it's not that time yet Elsewhere, BoC rate decision today, which doesn't offer much of an opportunity, they are going to pull a 50bps hike but it’s already fully priced in