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USD to appreciate steadily in long term

Longer-term, USD remains positive, though the pace of gains should moderate. There is some risk that if the Fed does not hike in September, it pushes that back into 2016, which would also delay further USD gains.

But further USD gains are still possible, particularly against JPY. 

"While more Fed officials complain about USD strength, the US is well-placed to shoulder modest currency appreciation", says RBC capital markets.

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