Has the US dollar reached a turning point? Strategist: It's time to be bearish

The US dollar has experienced a period of "excessive optimism" this year, but now there are risks of a reversal. With gold benefiting from expectations of Fed rate cuts and declining bond yields, a bearish sentiment surrounding the US dollar is emerging, while other major currencies are also gaining strength. Market sentiment towards the US dollar has shifted from "extremely optimistic" to a more cautious outlook. Gold has risen by 15.8% year-to-date, slightly below the S&P 500 index's 16.7% gain over the same period. Former US President Trump has indicated that if he wins the presidential election in November, he is inclined to see the US dollar weaken. Against this backdrop, a neutral stance is taken on the USD/JPY pair, while a bullish stance is taken on the GBP/USD and EUR/USD pairs