The bank notes three negative drivers for the USD:Lower Yields Environment: A persistent low-yield environment in the US, with the Fed's dovish tone at the Jackson Hole speech reinforcing expectations for rate cuts is a negative environment for the USD as the Dollar’s value typically declines with lower US yields.Relative Disinflation: A new factor weighing on the USD is the relative disinflation in the US compared to other parts of the world, especially Europe. This could lead to divergent monetary policy paths between the Fed and other central banks like the ECB, putting further pressure on the Dollar.FX Sensitivity to Rates: The USD remains highly sensitive to changes in US Treasury yield
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