USD hits lows, but no recovery until H2
The global economic slowdown will continue to be US-centred and there will be no easy exit for the US consumer at a time when there is not an ample supply of cheap credit. Given the strains in the US money market on the back of the distrust among banks about risk positions, financial institutions will remain very cautious about increasing lending and the Fed's monetary easing will be less effective than in the past.
Consequently, US economic growth will remain weak over a long period of time and
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