The USD bull run feels close to the end, warns HSBC in its weekly note to clients today. "The current USD rally has accelerated since the start of the year, leaving the DXY index up over 25% since May 2014. This constitutes a significant move and major rallies tend to have similar life-cycles," HSBC notes. "The final surge of an asset price has generally been followed by a sizable retracement. This is the case for both huge asset price moves, or ‘bubbles’, or somewhat less dramatic but still significant moves. We feel that this current move is on its last legs and about to enter its final retracement stage," HSBC ... (full story)