With credit markets pricing in Fed rate hikes the $US has still struggled to make any headway through the psychological 100 resistance area. With the peace deal being agreed this morning we believe the next 5% move is likely on the downside, with both its hawkish pivot and safety cushion likely to dissipate.
- We can see the $US Index testing ~10% lower in the coming years.
MM remains bearish towards the $US around 100
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