Fundamental OverviewThe USD has been on a hell of a run recently despite the lack of catalysts and no major repricing in interest rates expectations. The main culprit for the recent strength in the US Dollar has been the rally in long term Treasury yields. The yield curve has been bear-flattening which is what you would expect with higher growth and potentially higher inflation expectations. There’s been a good argument that the markets have been already positioning for a Trump victory which is expected to strengthen the higher growth and less rate cuts expectations. For now, this is the trend and it’s generally a bad idea to fight such trends without a catalyst. Unfortunately, we don’t have
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