The $US edged lower last week in sync with 2-year yields, we remain bearish toward the $US, but after bouncing as we expected, if/when it turns lower is harder to forecast at this stage of the cycle.
- We remain net bearish towards the $US, but the short-term war in Israel is likely to keep the Greenback firm.
MM is bearish toward the $US over the medium/long term.
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The Pound is now testing its major support of the last six months, we believe following the pullback, it’s now delivering excellent risk/reward for the bulls – an outlook which coincides with a pullback in the $US and bond yields.
- Over the next few years, we are looking for the Pound to test the 1.40 area, its post-COVID high.
MM is medium-term bullish on the Pound around the 1.20 area
