The US dollar has been a big loser so far in Trump 2.0 as countries look for alternatives to the previous sanctuary/safe haven of the Greenback. Fears of an economic slowdown &/or recession have contributed to the weakness on fears that the Fed will need to deliver multiple rate cuts in the months ahead. However, we have already seen the US dollar fall 10% from this year’s high, and again, a period of consolidation is likely.
- We can see the Greenback holding around the psychological 100 area for a while, but we believe it trades lower over time – good for gold longer term.
MM remains bearish towards the $US medium/long term
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