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Analysts at Citigroup offer their outlook on the US dollar, in light of the Fed’s dovishness and signs of recovery in China.

Key Points:

Sees ‘material risk’ of a higher USD in May.  

A turnaround of two key themes that have driven risk rallies in past months. The positives were:

  • Rebounding China
  • Dovish Fed

Go short EUR/USD, volatility to increase in May.