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The US Dollar managed to pull off a comeback after a week on the back foot. What’s next?

Here is their view, courtesy of eFXdata:

Credit Agricole Research updates its USD outlook and flags some upside risks to some of its 3-month USD G10 forecasts.

“In particular,  USD could continue to do well against  currencies that are vulnerable to any further escalation in US protectionism and whose central banks have a neutral to dovish outlook: in our view  NZD and, to a lesser degree, AUD  should be the key G10 underperformers.

In comparison,  CAD and NOK could be relatively more resilient  given the outlook for oil, their central banks’ policies and the expected abatement of NAFTA tensions.

Elsewhere, we expect  renewed CHF weakness and EUR, SEK, GBP and JPY gains before year-end,” CACIB projects.

Over the long term, CACIB maintains the view that the risks to USD should remain on the downside.

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