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1. Time for Dollar pause

Qi's snapshot of global FX shows the Dollar as rich versus a wide range of both DM & EM currencies.  

But there are some interesting nuances:

·      the Dollar is consistently rich versus its G7 peers with USDJPY the standout. Interesting in the context of a fractured Parliament which could curb Takaichi’s easy- policy plans, challenging the weak-Yen consensus.

·      $-Asia is the main EM mover; $-LatAm typically sits near fair value.

·      what commodity super cycle? Given the bull narrative around real resources, why aren't AUD, Kiwi, CAD doing better?

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