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Analysts at Westpac explained that they find that there has been no let up in the ascent of the USD’s equilibrium value this year.

Key Quotes:

“It has continued to march steadily higher, led by growth and yield differentials. Larger US fiscal deficits have been a headwind for the USD’s fair value but not enough to offset the positive push from yield and growth. The USD has if anything struggled to keep pace with its rising equilibrium, value leaving it about as undervalued now as it was at the start of 2018; about 6-8%.”