Is a Softer Greenback in the Future?

If you haven’t been paying attention to currencies lately, I would encourage you to take a closer look at the greenback (USD) chart below: a major trend shift appears to be developing. The USD is reversing its 2018-2019 uptrend over the past few weeks, which I view as another important tailwind developing for equities, notably cyclicals, in 2H19.

The USD rise in early 2018 coincided with a global shift in investors risk appetite, with assets like emerging markets and cyclicals generally pe...

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