The US dollar is broadly lower. The ongoing strength of the dollar-bloc has been joined by the euro, sterling and the yen. Now that the dust settled from last week’s two big events, the ECB meeting and the US jobs report, a couple things seem clearer to many participants. First, any ECB QE program is not imminent (we have suggested June, not May is a more likely window) and second, that the US jobs data does not change the outlook for US policy and the vast majority of investors see the first rate hike more than a year off. The implication of this is that carry-type strategies and risk assets may be preferred. We see ... (full story)