USD analysis via ING, the bank says cross-market indicators suggest the dollar may well have topped out

• Says that there is a growing sense that “the worst may be over for most financial assets”
• The Fed’s injection of liquidity means that instead of expecting a deflationary ice age US inflation expectations have rebounded  (ING cite inflation swaps and inflation-indexed Treasuries, gold trading above $1,700 and could go higher)

• market moves suggest confidence amongst investors, at least, is improving
• commodity markets slowly recovering
• expect further improvement in US money markets as the Fed’s liquidity injection filters through the system
• “we may be starting to see the emergence of the risk-on, dollar-off trend that may come to define the rest of 2020”