DB looking for a '2nd stage' USD decline
- focus will once again turn to specific growth outcomes across countries
- US management of virus crisi has been "suboptimal", and there are large fiscal cliffs ahead
- could push EUR/USD to $1.20
DB "would frame dollar weakness around two stages Stage 1: the removal of the dollar risk premium, EUR/USD to 1.15. This has been the most important driver of the dollar so far"
- "Stage 2: the end of dollar exceptionalism"
Via Bloomberg
