Societe General has somewhere else to look aside from the dollar today and USB has a few different ideas:
From SocGen’s Kit Juckes:
"Being long dollars feels more like riding up the Alpe d’Huez today, than
basking in the sunshine on the Champs-Elysees. It might be worth it in the end,
but it’s going to hurt. CFTC data show a further build-up of longs, and
the US rates market is more range-bound than powering ahead in anticipation of a
Fed hike.
