The dollar has rallied too far, too fast since July on the back of good data and a small change in the FOMC language but as long dollar positions became excessive, this week's FOMC minutes were a catalyst for a clear-out. "Maybe the dovish nature of the minutes is a reminder that we have not yet moved to a ‘strong dollar’ phase, just a correction from excessive under-valuation, and downside pressure will continue to increase on high yielders, commodity currencies and the euro," SocGen argues. In the US, SocGen notes that we are now back to data-watching as the economy is going into Q4 in good health, with solid ... (full story)