Crédit Agricole stated that its month-end pricing model, after weighing all conventional drivers, points to a strong sell-off in the US dollar. "Global equities generally strengthened in April. In the foreign exchange market, the dollar weakened overall this month. In general, the stock market's performance—adjusted for market capitalization and this month's foreign exchange performance—suggests that month-end portfolio rebalancing flows are likely to lead to a broad-based strong sell-off in the dollar, with the strongest sell signal against the euro." The institution believes that, all else being equal, the euro is likely to rise further against the dollar. (Jinshi)