Some significant moves have taken place this year, notably for USDJPY and AUDUSD, with medium-term reversals already established. Although the USD has strengthened, these moves have been more as a result of JPY and AUD weakness, rather than a USD rally. However, we are beginning to see growing signs of USD strength elsewhere – GBPUSD, NZDUSD for a start – and the risk is growing we may be close to the beginning of a more broad-based phase of USD strength.
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