US: ‘MEGA’ still the best acronym for the $ - ING

According to Viraj Patel, Research Analyst at ING, it appears as though global markets have decided to put their geopolitical noise-cancelling headphones on, with risky assets starting to rally again after a difficult few weeks.

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“Certainly the dollar’s recovery of late may be more of a corrective move, rather than any Fed rate hike ‘FOMO’; US inflation data (PPI today, CPI tomorrow) will be a big test of how far the USD can recover. In the absence of any major positive surprises, we still think ‘MEGA’ – Making Everyone (Else) Great Again – is the best acronym to describe the current state of play for the $.”