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- A significant USD rebound is unlikely – Scotiabank
A significant USD rebound is unlikely – Scotiabank
The USD spent most of Monday consolidating. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes Greenback’s outlook.
Moderate USD rebounds remain a sell
There is a little second-guessing on the USD sell-off starting to emerge amid concerns that the drop is overdone. That is quite possible and something I have alluded to, with the USD decline overshooting the shift in spreads to some extent. That may limit the USD decline for the moment and may allow for some short-term gains.
But in the absence of any real change in the inflation/Fed narrative, a significant USD rebound is unlikely and the currency will remain sensitive to weaker data in general.
With technical trends still aligned bearishly as well, moderate USD rebounds remain a sell.
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