"The unwinding of the 'Trump trade'...had been built on the premise of more inflation and higher interest rates in the US, which would support the USD," said Thierry Wizman.
"That the U.S. dollar has weakened since early August is a bit weird...as it has come during a period...which has pointed to renewed relative strength in the US," Wizman remarked.
"Investors had decided to walk away from the 'Trump trades' because they think the candidate who would make them happen might not win," explained Wizman.
"There were favorable indicators for the dollar, but none of them raised the relative value of the dollar," stated Macquarie regarding the market's contradictions.
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