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We're going through changes
- Following a bumper week of macro data, and tariff announcements the directional changes of the dollar rise, the question of whether the currency can sustain its recent gains.
- Looking at the trade deals which have rapidly concluded in recent days, they suggest that the landing zone for US tariffs is not far from those announced on Liberation Day in April.
- More pertinently macro data than Feds actions (or lack of) have been the primary drivers of the currency over the past week.
- All, in there remains risk on both sides to the US economy and the dollar.
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