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ANZ says they "have downgraded our USD forecasts across the board"
From ANZ's FX Monthly Outlook (in a very brief summary, and bolding mine): •While most markets exhibited the classic features of a liquidity-fuelled rally, in FX August price action was more fragmented with the JPY appreciating strongly, the AUD gaining only modestly, and USD/Asia mixed. •The performance of the latter two was disappointing when compared to other pro-cyclical trades. •All else being equal, this suggests that FX markets could be in danger of some trend reversals. •In particular the performance of JPY crosses - a traditionally risk proxy - could be set to reverse course and rally. •The Fed is ... (full story)