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- USD Index: At risk of a 1%-ish drop to the low 105 area – Scotiabank
USD Index: At risk of a 1%-ish drop to the low 105 area – Scotiabank
USD losses may extend as markets detect signs of Fed relenting on rates, economists at Scotiabank report.
Investors may be looking for an excuse to cover massive Treasury shorts
Investors may be looking for an excuse to cover massive Treasury shorts, given bullish comments from a range of high-profile investors recently.
Fed Chairman Jerome Powell's dovishness, softer US Manufacturing ISM, with weak details, and a further sharp drop in the Atlanta Fed’s GDPNow tracking, suggesting the US economy is slowing sharply in Q4, might have been enough to get more investors on board for a bond and risk rebound.
Another rejection of 107+ levels for the DXY is starting to firm up the longer-term technical ceiling on the index now and points to near-term risks of a 1%-ish drop to the low 105 area from current levels at least.
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