JP Morgan takes winning view
"Our approach hasn’t changed much in the past few months," Normand said. "Whereas some might have thought steady Fed tightening and stronger US growth relative to Japan and Europe would lift the dollar, we stuck with a view that US rates are still too low to support it. Hence our bearish dollar forecasts."
Normand said that given its current account deficit, the US must offer a superior return on investment in order to attract capital flows. "The corporate sector is not offering that return in
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