Over the past few weeks, it has been rare for the USD to be resolutely bullish against all currencies. Instead, the USD bid has taken turns against the JPY on occasion, and against the GBP on others (for instance, in early Q1). More recently, USD strength has picked up against commodity currencies in particular, as AUD/USD is testing its 2011 low and NZD/USD is also being dragged down along with it. Some EM currencies, such as the INR, stand out as all time highs are printed and signs of tops are still lacking. The TRENDS Heatmap favours ongoing USD strength against several commodity currencies and select EM currencies (such as BRL, INR, ZAR).
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Barclays