BofA: A time zone analysis for the USD ...Middle East

Key Points:

Cumulative USD returns during US hours still have a +71% correlation with Fed rates pricing in 2025.

Asia-Based Selling May Pause:

But after unwinding the cumulative long USD returns of the past two years, USD price action in Asia hours has turned flat.

Europe Has Room for USD Weakness — But Needs Equities:

After non-US equities outperformed in Q1, US equities regained leadership in Q2.

Hedging Incentives Decline:

Conclusion:

Bottom line: Don’t expect the same aggressive USD selling pace — but a selective bearish bias remains if global risk assets outperform.

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This article was written by Adam Button at www.forexlive.com.

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