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10 Reasons for USD Depreciation

1 : Rate Spreads
2 : Relative Macro
3 : Reversal of Terms of Trade Shock in Energy
4 : BoJ YCC Change
5 : US Debt Ceiling Crisis & Debt Outlook
6 : Central Bank Reserve De-Dollarization
7 : Relative Equity Performance
8 : Upside for Emerging Markets
9 : USD Long-Term Trend
10 : USD Valuations