Macro News
Global: The US dollar strength we observed in the past two years has caught many participants by surprise as higher uncertainty globally has been favoring safe assets such as the greenback. This year, market sentiment is still bearish on the US dollar and the favored currencies are the Japanese yen and the British pound, which are expected to appreciate by 3.3% and 3.2%, respectively, from the current spot levels (figure 1, left frame). The euro, which is the most undervalued currency among the G10 space according to OECD PPP ‘fair’ value metrics (nearly