Dollar recovery under strain
MARKET VOICE
The past month has seen a significant improvement in dollar sentiment, as cyclical fundamentals are overshadowing structural considerations. The outlook for sustained dollar gains from current levels depends on continued market emphasis on yield and an improving US external position.
The dollar’s broad-based recovery in May was accompanied by a substantial retreat in benchmark bond yields and a flatter US yield curve. The strong improvement in dollar sentiment at a time of slowing global growth
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