With the Fed looking less likely to cut rates aggressively over the next 12-18 months the Greenback has found a fresh area of equilibrium in the 96-102 area. In similar fashion to bonds the FX markets are likely to remain quiet until we can get a better read on the strength of the US economy.
- No change, we can still see the $US squeezing up towards the 102 area into Christmas but note its been close already this month.
MM is bullish on the $US in the short term, but bearish over the medium term
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