We look for the dollar’s base to broaden and deepen, but recognize that the market needs to become more convinced of the trajectory of monetary policy and needs to see greater evidence that the economic momentum in the US in Q2 carried into Q3... We continue to advise medium- and long-term investors to take advantage of dollar declines to buy the greenback and/or reduce European currency exposure directly or through increasing hedges. Just like when the dollar was topping at the start of this decade, so too now, the process of carving out a cyclical extreme will take a prolonged period of time, and the rolling financial crisis makes underscores the protracted nature of this process.
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