The most popular currency trade at the beginning of the year has splintered as Wall Street takes to opposing sides on the fate of the dollar in the world’s pandemic recovery. JPMorgan Asset Management and T Rowe Price see the dollar weakening as US economic exceptionalism wanes, while PineBridge Investments expects it to strengthen. Currencies from the euro to the Brazilian real – which suffered in the first quarter – have attempted rallies this month leaving the greenback sitting at a closely-watched technical crossroads. “You have that idiosyncratic US rates outperformance story being offset by the global cyclical upswing and by expensive valuations on the dollar,” said Ian Samson, a mult
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