Merrill Lynch: Through Year-End

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Macro Strategy—The U.S. trade-weighted dollar remains overvalued, much as we anticipated one year ago, and may well be able to maintain its balancing act over the next year. Consensus expectations remain timid, reflecting a continued reluctance to bet against the greenback. It’s hard to rule out upside surprises or dismiss downside risks to the dollar. Global Market View—In the spirit…

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