The Dollar Index consolidated its recent losses last week, offering little hope for an imminent recovery. With the likes of Europe and China becoming investors’ vehicles of choice, it may take time to turn this particular oil tanker around. From the Magnificent Seven to Bonds, the US has been the global investors’ location of choice over the last few years; however, this is now being called into question, with such a change of heart still in its infancy, although central banks have been buying gold to insulate themselves from US dominance for a few years.
- This month’s move under 105 has turned us bearish on the $US from a technical perspective; the first target is a retest of the psychological 100 area.
MM remains bearish toward the $US short-term
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