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US Dollar Correction may be One More Leg Away from Completion
The US dollar had one of its best weeks in months. It rose against nearly all the world's currencies. Many participants see scope for additional gains ahead of the quarter-end, which is ostensibly to require dollar-buying as corporates and asset-managers adjust hedges and re-balance. After several months of dollar weakness, we see its recent strength has corrective in nature. The question is, what move is being corrected. It could be the entire move since the March lows, or it could be the move here in Q3. We will be sensitive to both, especially where the retracements overlap. The dollar's strong finish warns that ... (full story)
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