The Orwellian Farmer Jones moment

The dollar’s relatively better poise over the first quarter looks to be over. Bidenomics and the US money printing this requires, alongside rising interest rates and an equity bear market will all contribute to a weaker dollar. At the same time, the Eurozone’s improving growth outlook and positive reform story (funded by its Next Generation EU plan) fundamentally improves Europe’s prospects. We are adding short US dollar versus euro back into our recommended positions.

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