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Bank Of America: USD Resilience Continues

USD

Bank of America note that “the FX market has returned from Labor Day weekend with the USD again trading on the front foot, as the DXY index has now risen to its highest level since just prior to the when the regional bank turmoil started in March.”

  • “While the data flow last week showed some signs of moderation in the U.S., the theme of U.S. relative economic strength continues to dominate market narratives, particularly in the face of ongoing softness out of Europe and China.”
  • “While the sharpness of this most recent leg higher in the USD comes as a bit of a surprise, it directionally fits with our out-of-consensus call for modest USD appreciation this year vs. most of the G10.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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