Thinking outside the US dollar
MARKET VOICE
The US dollar rally is coming to an end. In 2005, the dollar lived by interest rate spreads. In 2006, it will die by them. More central banks will be hiking policy rates. At the same time, the Fed's hiking cycle will be coming to its end. The time of strong broad dollar trends is also gone.
A challenging year therefore lies ahead, which makes it essential to look for relative value, not just for broad trends. In this context, there are three key categories of currencies that look particularly
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