Another week, another rise in the DXY index, which at the time of writing is on track for a ninth consecutive weekly rise. Continued robust activity data in the US and the ECB signalling the end of its rate hiking cycle accounts for the greenback’s renewed rally over the past two days. That said, as we pointed out last week, currencies are, by nature, mean reverting, which is why winning streaks like the dollar’s recent one are relatively rare, and we doubt it will continue all that much further.
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