We continue to expect US economic outperformance in the coming months, which should attract capital towards the US, boosting the USD. Although US PMIs are no longer elevated vs the rest of DM, the previous surge has yet to play out, and offers a long 12 month lead on the USD, which still points to the potential for a USD rally. US M1 growth has been extremely strong vs the rest of the world, which has historically led to US economic outperformance and a stronger USD.