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- USD: Bear trend under way - ING
USD: Bear trend under way - ING
Petr Krpata, an FX strategist at ING, expects Fed Chair Powell's induced USD softness to continue this week, with the narrative of negative US real rates for longer making the dollar fairly unattractive over upcoming months and quarters.
"On the data front, the focus of the week will be on the US labour market report due on Friday. Our economists are looking for a below-consensus non-farm payrolls number and unchanged unemployment rate. While backwards-looking indicators, less positive numbers vs market expectations might be modestly USD negative as it would cement the lower-for-longer Fed interest rate outlook and the unappealing USD attractiveness."
"Expect DXY to continue to grind lower, though in a more orderly fashion than last week. As for today, price action will be influenced by the month-end rebalancing lows."
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