The USD-rally has reached a stage where investors will look for signals from the policymakers and the data to decide whether to add to their longs at the current elevated levels. We remain constructive on USD but suspect that its outperformance should become less uniform across G10 in the coming days. We see the biggest scope for USD-outperformance against risk-correlated and commodity G10 currencies. We think market risk sentiment should weaken from here as the December Fed lift-off draws near and global commodity prices remain under pressure. At the same time, we expect liquid safe-haven currencies to remain ... (full story)