The USD begins to crumble again (not that we have a problem with that). The weakness in the USD Index was again highlighted last night after it failed to hold onto the day’s gains and closed close to the low of the day. If the USD was genuinely bullish it should have broken above the 82 level by now, instead it is virtually unchanged in 3 weeks. We think that it is only a matter of time before it closes at a multi-week low. The weakness in the USD Index is being confirmed by strength in the “carry trade” which is depicted by the performance of the ETF DBV which is also very close to moving to a multi-week high. From another angle…..have a look at the South African Rand ETF “SZR” – it is already at a multi-week high!
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