The $US rallied strongly last week as it again demonstrated how markets regard it as a safety proxy during global economic slowdowns, a characteristic which lines up with falling commodity prices both fundamentally and of course because they’re denominated in $US. Our target for this previously flagged rally is ~95 which implies the current forces at play on the stock / sector front have further to unwind as the elastic band stretches further but the majority of the $US advance has indeed already unfolded.
MM’s is neutral / bullish the $US short-term
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