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We’ve had a lot of speculation recently that the Biden stimulus package won’t be negative for the dollar at all, in fact it will be a positive thing just on the basis that it should lead to U.S. economic outperformance, but I think if you look at more of the trends in the market at the moment, and we go back to the business cycle, we’re really only at the beginning of this uptick in the global recovery, and a necessary ingredient of that is a weaker dollar.

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