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- DXY: fresh highs expected as taper is coming – Westpac
DXY: fresh highs expected as taper is coming – Westpac
FXStreet reports that economists at Westpac said that Jackson Hole could disappoint, but fresh DXY highs beyond that are still on the cards.
“Admittedly the minutes from the FOMC’s July meeting show ‘some’ favour holding back until early 2022, but ‘most’ members agreed that they could start reducing the pace of asset purchases in coming months. That leaves the USD in a commanding position.”
“Risk appetite is likely to remain checked by the ongoing spread of the delta variant, generating safe haven flows into the USD. Yet at the same time, the Fed is continuing their slow march toward tapering, providing crucial ongoing support for the USD.”
“Jackson Hole disappointment could prompt some USD sales, but with Q4 taper prospects overall intact, DXY retracements are likely limited to the 92 region. Fresh DXY highs beyond 93.5 still on the cards into Q4.”
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