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- USD: Haven demand still drifting away from the dollar - ING
USD: Haven demand still drifting away from the dollar - ING
ING's strategists note that the U.S. dollar is extending its broad-based bearish momentum.
"The Federal Reserve's Empire State manufacturing index slump yesterday came in stark contrast with encouraging signs from the US housing market (which should be confirmed by housing starts figures today), while the mix of geopolitical tensions (US-China spat and protests in Belarus) are still failing to offer support to the dollar as most safe-haven flows are being absorbed by the Japanese yen."
"Today is going to be a quiet day in terms of data releases, with investors likely keeping their eyes open on any developments in the key market-moving threads: from geopolitical tensions to any (unlikely) advancement in the US bipartisan stimulus talks."
"All in all, with a bearish trend consolidating, the dollar appears to be hoping for a less-dovish-than-expected message in the Fed minutes due tomorrow. We doubt that the release will offer enough push to the USD to invert the trend and any potential USD-positive effect may be short-lived on the back of an opportunistic sell-the-rally approach on the dollar."
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