Uncertainty about the start of the Fed tightening cycle lingers, with recent US data not conclusive enough to support the case for an early stimulus removal. Our call remains for lift-off in September and we maintain our constructive outlook for the dollar over the medium term. However, with the Fed still divided on the timing of lift-off and the concerns about the economic impact from the strong USD, consolidation in the USD could persist in the early stages of Q2. This in turn could boost the near-term outlook for risk-sensitive G10 currencies. Our FX scorecard model suggests that the likes of AUD and CAD are among ... (full story)