Heading for the final USD selling opportunity

BACKGROUND: US dollar structural issues are important – but not yet. The USD lost ground from early July highs, despite interest rate and yield differentials widening further in favour of the US. This raises the question of whether it has resumed its secular down trend. The IMF has called US imbalances unsustainable, and when judging Euroland's growth risks it cited a disorderly decline of the USD.

Structural issues have come back to the surface: the US current account deficit is likely to reach

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