A year of transition
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The US dollar enjoyed a broad-based recovery in 2005, as a resilient US economy and widening US yield differentials against the rest of the world boosted the attractiveness of US assets in an environment of strong global liquidity and positive market appetite for bond yields. We think the dollar trend is close to a flex point, as the US rate cycle is likely to peak in Q1 2006 and growth in Europe and Japan recovers, leading to policy tightening. But a dollar correction looks likely to be gradual
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