The Dollar’s bounce has run out of steam, but caution is warranted, Kit Juckes, Chief Global FX Strategist at Société Générale, reports.

When do we go short USD in earnest again, then? 

“The US rates market has now corrected half the fall in end year Fed pricing that we saw as the banking crisis erupted. There may be a little more Dollar support coming from there, but not much.”

“I think we’re left overall, more data-sensitive than we were. In the end, that means a weaker Dollar but it’s still too early to go in selling the Dollar too excitedly.”