The waning appeal of the US dollar

The dollar’s multi-year bull run might last a couple more months but its fundamental underpinnings are weakening. President Trump’s unpredictability accounts for a lot, but fundamentals are also shifting elsewhere. The equity story is similar; they have further to run but not much. The one trend that looks well entrenched is in bond markets. The reflationary backdrop continues to gain traction and the ‘risks’ are equally inflationary. Bond yields will continue to rise.

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