{"version":"1.0","provider_name":"Alpine Macro","provider_url":"https:\/\/alpinemacro.com\/fr\/","title":"The Dollar: Short-Term Gain, Long-Term Pain","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\" data-secret=\"e7LsrTckaa\"><a href=\"https:\/\/alpinemacro.com\/fr\/research\/the-dollar-short-term-gain-long-term-pain\/\">The Dollar: Short-Term Gain, Long-Term Pain<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/alpinemacro.com\/fr\/research\/the-dollar-short-term-gain-long-term-pain\/embed\/#?secret=e7LsrTckaa\" width=\"600\" height=\"338\" title=\"\u00ab\u00a0The Dollar: Short-Term Gain, Long-Term Pain\u00a0\u00bb &#8212; Alpine Macro\" data-secret=\"e7LsrTckaa\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\n\/*! This file is auto-generated *\/\n!function(d,l){\"use strict\";l.querySelector&&d.addEventListener&&\"undefined\"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),o=l.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),c=new RegExp(\"^https?:$\",\"i\"),i=0;i<o.length;i++)o[i].style.display=\"none\";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute(\"style\"),\"height\"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):\"link\"===t.message&&(r=new URL(s.getAttribute(\"src\")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener(\"message\",d.wp.receiveEmbedMessage,!1),l.addEventListener(\"DOMContentLoaded\",function(){for(var e,t,s=l.querySelectorAll(\"iframe.wp-embedded-content\"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute(\"data-secret\"))||(t=Math.random().toString(36).substring(2,12),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t)),e.contentWindow.postMessage({message:\"ready\",secret:t},\"*\")},!1)))}(window,document);\n\/\/# sourceURL=https:\/\/alpinemacro.com\/wp-includes\/js\/wp-embed.min.js\n\/* ]]> *\/\n<\/script>\n","thumbnail_url":"https:\/\/alpinemacro.com\/wp-content\/uploads\/2022\/09\/dollar-short-term-gain-long-term-pain.jpg","thumbnail_width":703,"thumbnail_height":902,"description":"The U.S. dollar is overshooting. Strains are building in the balance of payments, which signal that the currency is clearly overvalued. However, it is premature to build aggressive short dollar positions. None of the other major currencies are attractive. For now, the greenback is still the \u201ccleanest dirty shirt.\u201d We are looking for two potential catalysts to trigger a downside reversal in the dollar: a dovish pivot by the Fed and stronger growth in China. The Fed remains hawkish, but the tone should change later this year or in early 2023 as the U.S. falls into a recession and inflation comes down. Unfortunately, it is impossible to say when growth conditions in China will improve as it hinges on the government abandoning the zero-Covid policy."}