It's strange that although the 10Y bond yield has risen rapidly and overall liquidity has somewhat declined, it hasn't significantly impacted the pricing of risky assets. This is the primary concern and a reason to remain cautious.

Another point is that while rising inflation does hinder other central banks' efforts to lower inflation, it isn't enough to prevent gradual rate cuts—at least 2-3 cuts this year—which is consistent with what EU fixings are reflecting. This, once again, puts upward pressure on the DXY.