RBC Capital's bullish dollar view pays off
"We took a view that the first quarter of this year marked the low point for the dollar, and so the dollar would begin to appreciate," said Adam Cole, global head of foreign exchange strategy at RBC Capital Markets in London.
The dollar hit a 12-year low of ¥95.76 on March 17, leading the bank to expect the market to begin pricing in a dollar recovery. During the quarter, the Federal Reserve Bank had also cut interest rates by a total of 300 basis points to 2.25%.
"The dollar story is primarily
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