 Dollar drifted lower in subdued trading, with many Asian markets closed for holidays. Movements in the currency markets elsewhere were mixed. Traditional safe havens like Yen and Swiss Franc inching higher. But at the same time, risk-sensitive currencies such as Australian and New Zealand Dollars also advanced. Overall risk sentiment lacking clear direction. This lack of coherence highlights the current state of indecision. Traders are reasonable to be hesitant to take firm positions ahead of key events later in the week, including Fed and BoE rate decisions. Nevertheless, today's US ISM Services PMI might still inject some short-term volatility. The manufacturing sector in the US has held up better than expected despite tariff shocks. It's time for the services sector to face its own resilience test. On the trade front, US President Donald Trump announced a new 100% tariff on foreign-produced films, citing what he called a “very fast death” of the US film industry due to global competition. He also signaled that new tariff decisions on select countries could be announced in the coming weeks if negotiations stall. Meanwhile, Australian Prime Minister Anthony Albanese celebrated a landslide reelection and confirmed a "positive" conversation with Trump. Albanese reiterated continued engagement on AUKUS and tariff matters. However, despite the friendly rhetoric, markets remain wary of what’s next on the trade front.... | 
