Dollar entering a defensive phase
CURRENCY FORECASTS
"At that time [12 months ago] the dollar Finex basket was around its nadir," Peter Luxton, global markets adviser at Informa Global Markets in London, told FX Week. "In addition, past patterns of dollar cycles suggested a broad recovery pattern should ensue.
Luxton said that at the same time, the Fed was already "well into" its measured tightening cycle. "The Fed fund target had already risen by 175 basis points from the previous June, while other central banks that had already started to
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