![]() ![]() ![]() ![]() At the time, the weakness in the US Dollar seemed more of a curiosity than anything else and a development that we ascribed to several pretty straightforward and pretty benign economic developments, including the Federal Reserve being closer to the end of its rate hiking cycle than the beginning ex-US central banks becoming more hawkish and an improvement in fundamentals for key economies around the world, including lower energy prices in Western Europe. When we took pen to paper in January, the US Dollar had corrected about 10% from a late 2022 high that also marked a 20+ year high for the Greenback relative to a basket of other currencies. Three months ago to the day, we published a note that took a look at the recent weakness in the US Dollar (What Ails The US Dollar – January 17, 2023). ![]()
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