BNP like the euro but ahead of the US election assess that its prudent to add USD hedges:

  • risk of escalating conflict in the Middle East, geopolitical risk underpriced
  • ahead of US elections
  • investors positioned short USD

BNP like the USD, especially against currencies with weaker fundamentals.

USD index, DXY, weekly candles 08 October 2024 2

Room to run higher for the US dollar?