Nomura G10 FX Strategist: Dollar to Strengthen Further If Fed Chair Warsh Signals Hawkishness

The framing is notable: the strategist treats hawkishness as a trigger for further dollar strength, yet also as an opportunity to sell into that strength. That suggests the market's read is less about the level of rates than about how much of a hawkish shift is already priced, with the strategist positioning for the move to fade. The open question is whether a Warsh signal actually resets rate expectations, or merely produces a short-lived dollar pop that reinforces the selling case.