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TD maintains a bullish bias on the USD through Q2

  • "The market has quickly shifted from Fed hikes to global recession fears. The surprise rests on the shift in correlations, raising the question of how much stress has been priced in.
  • USD strength should persist through Q2 (and perhaps a bit longer), yet we also note the recent decoupling with many global factors,"
  • "The USD offers nice hedging properties for global investors, especially as markets have started to climb the wall of worry again,"


(ps. The wall of worry came out the winner on Wednesday US time)