The dollar index (DXY00) this morning is down by -0.06% but is holding above last Friday’s 3-week low. The dollar has some negative carryover from last Friday’s weaker-than-expected US payroll and ISM services reports, which bolstered expectations that the Fed will cut interest rates this year. Today’s rally in stocks has also reduced liquidity demand for the dollar. The markets are discounting the chances for a -25 bp rate cut at 10% for the June 11-12 FOMC meeting and 40% for the following meeting on July 30-31. EUR/USD ([^EURUSD](https://www.barchart.com/forex/quotes/%5EEURUSD/overview)) to…