RBC predicts change in USD's fortune
The Canadian dealer took the view that the greenback was beginning to stabilise despite a continuation of negative news coming from the US, said Adam Cole, global head of foreign exchange strategy at RBC Capital Markets in London.
"We believe we are at a point in the cycle where the market is prepared to look forward and see the [US Federal Reserve] interest rate cuts as a positive six months down the line," he said.
Cole said that during the last four out of five recessions, with the exception
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