Fridays dip in the $US hardly registered on the chart but it was enough to excite precious metals. With policy moves changing like the weather its hard to forecast the short term path of the Greenback but our “Gut Feel” is it could still retest the ~100 this year which would ultimately create a headwind for the likes of gold and silver.
- After the late January recovery from new multi-year lows we continue to put the $US in the too hard basket.
MM remains neutral towards the $US around the 97 level
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