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While the longer- term bearish outlook on the US currency remains valid, medium- and short-term outcomes were adjusted since last week’s report.
The alternative outcome of consolidating market action was validated by extended short term appreciation beyond pivotal levels.
Further medium - term range trading has postponed the still relevant and eventual bear trend to new lows.
The US Dollar Report for the 16th of October 2024.
Our medium to longer term bearish stance on the Greenback is ongoing.
Further weakening is expected to reach our long-held target levels.
This is unlikely to be the move that perma- bears expect to “ dethrone the US Dollar” . It is more likely a bearish correction in a cyclical bull trend.
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