Market Trends - US equity markets showed signs of revival since June, potentially indicating a shift away from the rotation trade that characterized the first five months of the year [1][2] - The dollar's performance has lagged behind the recovery in stock markets, possibly due to market anticipation of a more dovish Federal Reserve [3] - A washout in positioning, where the market had become too long on the dollar at the start of the year, was necessary for a potential dollar recovery [3] Economic Outlook - The US economy has not been as severely impacted as initially anticipated back in April [4] - Recognition of the US economy's resilience has contributed to the washout of positioning and potential shift in market sentiment [4]