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- Renewed USD gains before a turning point is realised – MUFG
Renewed USD gains before a turning point is realised – MUFG
After advancing by nearly 10% on a year-to-date basis, the US Dollar Index(DXY) has turned and from the intra-day high on 13 May (105.00), the DXY has declined by 3.0%. In the view of economists at MUFG Bank, a turning point in the dollar is looming.
Fed will be in a position later this year to ease off on the tightening cycle
“While we are not confident the US dollar has reached a turning point, the price action in May we believe does suggest a turning point is approaching and that the scope for sustained US dollar strength is limited.”
“The Fed will be in a position later this year to ease off on the tightening cycle which will help turn the US dollar weaker on a more sustained basis.”
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