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The US Dollar Index (DXY) has reversed sharply from its March high in the mid-93.00s and recently fell under the February low in the 89.60s. Elevated inflation expectations combined with the Fed’s ongoing dovish stance are keeping real yields subdued and this is weighing on the dollar. As key support levels are cleared, the DXY looks likely to sustain further losses. Bears will be targeting multi-year lows just above 88.00.
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