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We expect the rally in the dollar to continue in 2022

While the dollar has not made much further headway this month, despite the Fed’s hawkish message at its latest policy meeting, we think the key underlying drivers of the greenback’s rally – the relative strength of the US recovery and the Fed’s shift towards faster policy normalisation – remain in place. We think that it will continue to appreciate against the other major currencies in 2022 and we have revised our forecasts for the dollar vis-à-vis the euro, yen, and sterling accordingly. We will review our wider set of currency forecasts in the new year.

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