David Woo Head of Global FX Strategy, Barclays Capital USD: Vicious Circle 10 15 -10 per cent -5 2 0 5 100 110 120 130 140 70 80 90 3 20 30 40 -30 -20 -10 per cent 0 4 1.6 -2.5 -1.5 -0.5 0.5 0.8 0.9 1.1 1.2 1.5 1.3 1.4 1.5 1.6 -3 -2 -1 -2 -1 0 1 2 1 1 0 1 2 20 40 60 -60 -40 -20 1.17 1.22 1.27 1.32 1.37 1.42 1.47 1.52 1.57 1.62 1.67 pe r ce nt 90 50 60 70 80 0 USD’svicious circle 7 2.5 3.5 4.5 0 1 2 3 4 5 8 10 -20 -70 -60 -50 -40 -30 -10 9 0 Preconditions for a sustainable USD recovery 10
