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We’re tactically constructive.

Over the next month or two, we think economic surprise indices will soften in the United States, with consumer spending and labour market measures weakening relative to still-optimistic market forecasts. Global financial conditions should ease as US yields stabilize, and expected growth differentials should narrow, adding momentum to an already-underway portfolio rebalancing process in major investment portfolios. Against this backdrop, high-beta (growth-sensitive) currencies should broadly gain against the dollar, with the Canadian dollar near the head of the pack.

Bloomberg Consensus 2024 Growth Forecast, %

Japanese market jolt
Political turmoil plays havoc with currency markets, boosts dollar
Currency trading ranges shrink as markets continue to ignore shutdown risks
US shutdown vacuum
Another US government shutdown
RBA: any more easing left?

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