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US Dollar Should Be 20% Stronger Year-on-Year, Not 15% Weaker: Nordea
On the basis of growth expectations, Nordea considers that the US Dollar should be strengthening rather than weakening given the very strong growth dynamics in the US economy. There will be other dynamics in play, but the bank expects that the US 10-year yield will hit at least 2.0% before the Summer with the Euro to Dollar (EUR/USD) exchange rate to weaken to 1.1750. Although February retail sales declined, survey evidence has been very strong. The Philadelphia Fed manufacturing index, for example, strengthened to a 50-year high. Nordea looks at evidence which suggests that the dollar is correlated with expectations ... (full story)
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