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Cycle exist in the market, the US dollar is due for a major cycle low.

Central banks are cutting short-term rates. The US Federal Reserve is late with their rate cuts, but they are coming in late 2025 and until 2026.

The inflation issue may be sidelined while lower rates are used to refinance $9T of USA debt to the front end of the curve. Then the Trump team wants to keep the juice going into the US midterms of Nov 2026.

Add to the above, China is taking advantage of a weaker US dollar and is creating more money to stimulate their economy.

So, China and the USA juicing up money supply. That is plenty of macro to keep the US dollar down. 

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