US dollar rise may end soon, says top banker

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The dollar’s awe-inspiring ascent since Donald Trump’s surprise win in the US elections may soon come to an end because the greenback is starting to look overvalued compared to its battered peers, forecasts Mario Camara, the head of the Danish investment firm Saxo Bank in Dubai.

“I think the US dollar is overvalued and there could be a correction but the question is when,” Mr Camara told The National at the weekend.

The Bloomberg Dollar Index, a measure of the US dollar against a basket of 10 global currencies, has gained to 4.9 per cent since November 8, when Mr Trump became the US president-elect, and the measure is hovering around its record high since the index began tracking data in 2005.

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