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- Why we think the USD has found a temporary bottom? - TD
Why we think the USD has found a temporary bottom? - TD
eFXdata reports that TD Research discusses its case for staying positive on the USD in the near-term.
"Double-dip fears should help the case for more Fed easing and we expect officials to make QE more accommodative by lengthening the average maturity of purchases, probably in December. Fed is unlikely to be the only central bank doing its part to provide further accommodation, "TD notes.
So, we do not anticipate a major threat to the FX reaction function or our broad USD view. One additional factor that also adds some support to our defensive FX posture is that the pace of international reserve buying has tapered off. While we think that this may not necessarily mark the end of it, another major USD down-leg is not possible without the reserve community diversifying its holdings, we think," TD adds.
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