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The unwind of carry trades remained the dominant theme overnight and we saw some big moves in the likes of the Japanese yen and Swiss franc, while equity indices and US futures slumped. But once the dust settles in the equity markets, we could see other currencies start to perform better against the dollar too. So far, we have only seen the euro show any signs of strength apart from those where interest rates are lower – JPY, CHF and CNH. The broader US dollar forecast should turn more negative once the equity markets show signs of stabilisation light of the sharp repricing of US interest rates.
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