At the start of this week, the dollar looked cheap, but we thought it would have taken something on the US side or in other key developed markets for it to realign with its strong rate profile. Come Friday, both the US and rest of the world's story have turned more positive for the greenback. The hot US CPI was the trigger to a substantial dollar rally, but the dovish (even if moderate) shift in the European Central Bank and the Bank of Canada messaging has now made that rally more sustainable. Both banks have given a nod to market bets for a rate cut in June, and rightly so given the considerably more encouraging ... (full story)