UBS is looking for a lower USD

The US dollar US Dollar The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel Read this Term view from UBS is via its equity analyst folks, saying that they'd rather look for overseas growth to fund equity valuations, with a lower US dollar contributing to that, than to continue chasing the narrow breadth leaders:

• “ ... rather than chasing the tech trade for the seven major names that have really carried the market ... we are looking for our growth overseas versus domestically”

The outlook for the US economy from UBS is a bit vague:

• acknowledged that the bank was projecting a recession in H1 of 2023
• said thought the economy showed resilience
• expects a recession to happen either in Q4 of 2023 to H1 of 2024, or even no recession