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Societe Generale: USD to stay under pressure

Recent weaker-than-expected US labor market data give the Federal Reserve more time for holding low rates, strategists at Societe Generale believe.

In their view, such an environment will pressure the US dollar and support the demand for the high-yielding currencies. However, if S&P 500 fails to recover above 1950, the strategists will advice selling AUD, CAD and NZD on highs.

 

3-month S&P 500 chart (Source: Bloomberg)

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