USD weakness is broad based and of historical significance. It is a theme we have repeatedly drawn attention to and one which we expect to repeatedly be returning to over the rest of the year. During the last 24 hours, historic lows have been posted against SGD, BRL, CHF, NZD and AUD to name a few and we suspect it won’t be long before the JPY follows suit. USD weakness is also spurring another rise in commodity prices.
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