The Greenback remains inversely correlated to stocks at the moment and this morning’s ~0.3% lift on the opening of FX markets shows stocks are likely to struggle first up after the latest chapter of arguments around the Strait of Hormuz – it’s all becoming a touch tiresome. Similar to our bullish call towards stocks this year we are looking for the $US to ultimately break its late January low.
- We can see the $US gaining ~0.3% this morning following the “risk off” news over the weekend.
MM is bearish towards the $US Dollar through 2026/7
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