The Dollar rallied as the market priced out Fed easing hopes, but while that adjustment is largely complete, a catalyst for a change in trend is absent for now, economists at Société Générale report.
Current uptrend can continue for a while longer
The FX market is tracking short-term rates more closely than ever in the face of wider uncertainty, and with positioning still short USD, the current uptrend can continue for a while longer.
As the US economy continues to demonstrate resilience in the face of higher rates, the rates market is pricing out rate cuts and could yet contemplate the idea that a June Fed pause, or ‘skip’, could be followed by another ‘jump’.
Our long-term concerns about Dollar valuation and growth prospects make buying USD hard, but the wind is still clearly blowing in its favour.
风险提示：本文所述仅代表作者个人观点，不代表 Followme 的官方立场。Followme 不对内容的准确性、完整性或可靠性作出任何保证，对于基于该内容所采取的任何行为，不承担任何责任，除非另有书面明确说明。
暂无评论，立马抢沙发