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The dollar is a buy over the next six to 12 months, but a sell over a three-year horizon. The yen has all the catalysts required to rally. Our long NOK/SEK trade has been stopped out. Wait for more attractive levels to buy. Our composite attractiveness ranking also has the US in the top spot, but there is evidence that the US is edging close to a recession. This will lead to more downside in US Treasury yields and upside in the dollar. But the big safe-haven currency bet remains the yen.