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May 13 - 09:55 AM

USD: 'Highly Implausible That This Latest Peak, In Yields/Spreads/Dollar Will Be The Last' - SocGen

By eFXdata  —  May 13 - 08:30 AM
Societe Generale Research discusses the USD outlook and maintains a bullish bias over the coming months.
 
"Only when yields peak will the cycle break, whether that peak comes because of a deeper risk correction or simply because the market has finally priced in enough rate hikes. Looking at the current economic data, and listening to central bankers, it seems highly implausible that this latest peak, in yields/spreads/dollar, will be the last," SocGen notes.
 
"The US economy has plenty of momentum for now, and the driver of inflation has switched from supply-chain issues, or even the surge in post-pandemic demand, to the tightness of the labour market. That can only be solved by weaker labour market data and so, weaker growth. We aren’t there yet. In the meantime, the Dollar goes on," SocGen adds. 
Source:
Société Générale Research/Market Commentary

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