The persistent bid in some EM currencies such as USD/INR and even USD/MXN finally showed some signs of stalling yesterday. Into the end of week, the USD bid is instead more centered against major currencies. Some basing signs in the US dollar index are an example. As US equities stabilize (the Dow Industrials broke a six session bearish streak yesterday), the risk is for USD/CHF to stay resilient and we favour strength not only in the short term, but also in the medium term.
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