海外研报

FX Viewpoint USD: Cool data, hot politics

Key takeaways• Cooling US data and Fed-speak has brought forward cut pricing and weighed on the USD. We expect more depreciation in H2.

SMCI: GM Headwinds Overshadow Better Revenue Guide

With June-Q GM miss and declining 430bps Q/Q, as well as guiding Sep-Q GM still at a low levelof 12%+, it raises the question of how fast GM ticks up, despite mgmt. guiding for 14% GM exit