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⚖️ 💵Dollar Trades In Line With Rate Spreads: Cable FX Macro

  • The dollar is extending gains on Friday AsiaPac session, and while the move is currently supported by risk aversion, we are noting rate sensitivity coming back into play

  • We saw our measure of the dollar <.RDDXY> trading independently from front-end rate spreads for most of the first quarter. The relationship seems to have strengthened from the end of March

  • USD front-end rate differentials have reached the highest level since November, <.RDDXYIR> is now at 316.7, the 52-week high stands shy of 320.0

  • For the record, our measure of USD short-term rate spreads vs G10 peers has risen every month this year



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