USD to gain on expected 25bp FOMC rate cut. USD/JPY forecast range today.
MUFG in NY with their call for the Fed in July:
- 25bps not 50bp
- retail sales data due from the US Tuesday will not be strong
- Keep an eye on Fed officials speaking, be wary of comments that could change perceptions of what the FOMC will do in July
- MUFG expecting 107.80/108.50 for today