Global FX: Fed, not trade, is weighing on the dollar

• European peace optimism driving continental asset prices, especially equities, while Chinese tech stocks sizzle hot in Asia
• US real yields impacting global risky asset markets, with Fed's dovish reaction function leading to plummeting real yields
• Dollar likely to stay soggy in short term until potential FOMC hawkishness or tariff-related events reignite Trump trades and boost dollar bullishness, while yen strength may not be sustainable due to BOJ policy and yield spread factors.

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