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- Dollar’s softish momentum may not have long legs – ING
Dollar’s softish momentum may not have long legs – ING
The greenback weakened against its major rivals on Wednesday amid improving market mood and falling US Treasury bond yields. In the view of economists at ING, the dollar correction may not have long legs after the re-pricing of terminal rate expectations.
Markets starting to price in a fast descent in US CPI
“Markets are now probably embedding a rather fast descent in US inflation. Supply-chain bottlenecks still suggest that descent will likely be long and slow, and ultimately should continue to advocate in favour of the Fed bringing rates to the 3.00% mark. In other words, we expect markets to gradually price back in the hawkish bets it pared in the past few days.”
“The dollar’s softish momentum (caused by shrinking rate differentials) may not have long legs, and the prospect of 50bp increases in May and June should also contribute to keeping the greenback in demand in the coming weeks.”
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