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Credit Agricole: What's driving the USD? - eFXnews
FXStreet (Łódź) - The eFXnews team remark that Credit Agricole points out that the USD rally against European currencies is losing steam.
Key quotes
"Domestic developments have increased confidence that the Fed will update its language at next week’s meeting, helping to lift some of the negative term premium at the front-end of the US curve."
"Outside of the US, foreign developments have helped bolster USD. Recall, the DXY is comprised largely of European currencies so economic and political developments in the Eurozone and UK have helped fuel the rally."
"Still, we think USD is vulnerable to a mild correction given the rapid shift in market positioning. Recall, DXY peaked between 80 and 85 three times since 2012, suggesting that 85 remains an important psychological barrier."
"We expect the DXY to break this level in time but technical and positioning indicators suggest the USD rally is running out of steam. A pullback to 83.47 is reasonable near-term target."
"However, longer-term we think the big drivers of the USD strength are renewed EUR weakness and pockets of EMFX weakness."
