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We still think safe-haven demand will push up the USD

Optimism around China’s rapid re-opening and stronger-than-expected data out of Europe have put continued pressure on the US dollar over the past month or so. In turn, we have revised down our forecasts for the greenback against major currencies. But we still think that deteriorating risk sentiment driven by recessions in the US and other developed markets will push up the dollar over the short term.

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