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- USD: Bid bias expected, given broader risk dynamics - Citi
USD: Bid bias expected, given broader risk dynamics - Citi
eFXdata reports that FX strategists at Citi are tactically neutral on USD this week amid the flows of month, quarter, and fiscal year-end.
"Month, quarter, and fiscal year-end will inevitably introduce further distortion to price action, while signals remain mixed across asset classes. We also have a number of notable events, including an infrastructure announcement from Biden on Thursday and NFP on Friday, which leaves CitiFX Strategy tactically neutral here".
"We expect a bid bias in the USD, given broader risk dynamics. US equity futures and yields are all heading lower, while oil prices are down almost 2%. With very little on the calendar, FX markets will continue to take its cue from broader market sentiment. Note that USD/CNH is testing key resistance again, while resistance has held in USD/JPY".
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