On Friday Scotiabank wrote that "we..........>

DOLLAR: On Friday Scotiabank wrote that "we maintain a bearish USD outlook on

the basis of cyclical, structural, and secular trends. The outlook for relative

central bank policy has reached its climax in terms of offering the USD support,

and widening fiscal and current account deficits are expected to deliver

medium-term weakness in the currency. Longer-lasting secular trends also appear

to be bearishly aligned, given the USD's 2017 turn marking the end of its

post-crisis rally. Ultimately, we look to a narrowing in growth differentials

between the U.S. and its developed economy peers as the effects of U.S. fiscal

stimulus fade and other economies recover from their 2018 soft patch. These

developments should erode the USD's supportive growth and interest rate

differentials."