Global capital flows support USD
If the recent strength of the dollar persists, it is likely to lead to a decline in the relentless accumulation of foreign exchange reserves by global central banks. There is already some evidence of this. A decline in the need to diversify FX reserves is also likely to boost the dollar, further adding to what is already an improving capital flow outlook for USD.
With the US current account deficit likely to shrink sharply over the next year (we forecast a decline to around 3.5% of GDP by the end
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