BofA: We see three reasons for more USD downside after Aug selloff ...Middle East

BofA expects additional USD weakness following the August sell-off, citing historical patterns, valuation concerns, and shifting global financial conditions.Key Points:Historical Patterns:DXY Downtrend: After similar bearish breakouts in the past, the DXY index has typically continued its decline, averaging an additional 4% drop. This trend suggests further USD weakness, particularly against EUR, GBP, and AUD, though less so against SEK, NOK, and CHF.Valuation Concerns:Overvalued USD: Despite August's drop, broad nominal and real USD trade-weighted indices remain at Q4 2022 levels, indicating the USD may still be overvalued. The recent USD sell-off has been mainly against European currencies

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