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    Biased to play for more USD downside in coming weeks - Westpac Sandeep Kanihama

    Richard Franulovich, Research Analyst at Westpac, suggests that they are Biased to play for more USD downside in coming weeks, a retest of the 16mth 92.0 lows set in early May on the cards.Key Quotes“A cautiously hopeful Fed hardly inspires, while their meaningfully more dovish forward guidance via the dots should raise alarm bells for long term USD bulls. St Louis Fed Bullard’s revelation that his dots call for one hike this year and then no further hikes through to end-2018 should not dismissed out of hand as a fringe view. He is a voter who has a history of thought leadership at the Fed and his new approach to assessing the economy implies the US is locked in a slow growth / low productivity regime.Eurozone growth momentum meanwhile surprising on the upside, 9mth highs in the ZEW expectations sub-index suggesting the region’s strong Q1 growth outturn was no flash in the pan. Onward and downward for the USD.”

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