10.12.2021

Not all USD charts look constructive, it is an idiosyncratic trade at this point as the market is caught up in a mini-reflation trade narrative, where JPY and CHF are being sold in favor of high-beta FX (AUD, NZD, NOK and EM).

Ultimately the USD trade will depend on RISK SENTIMENT and RISK APPETITE so watching the correlation with equities and other risk assets is important.