Citi: USD strategy update

“We remind that CitiFX Strategy remains bullish USD in the medium term, writing that the Fed is
likely to reprice higher, and risk assets likely to return under pressure. They expect that it will take
the Fed easing decisively to turn the dollar. In terms of the short term, however, they noted that
market has pivoted in its perception of the Fed amidst thing liquidity/low participation and that this
has created short term noise and suggests USD downside bias in the near term.”