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Apr 29 - 09:55 AM

USD: No Tactical Valuation In Directional USD Trades Here; Relative Value TradeS Preferred - TD

By eFXdata  —  Apr 29 - 08:50 AM

TD Research discusses the prospects of more dispersion across the FX market.

"That implies less of a broad USD direction and more relative value plays across G10 and EM. We don't see a tactical valuation issue yet, favoring outright USD longs, though we note there are some excesses under the hood," TD notes. 

"Even if the Fed's on cruise control, we do see some potential for the May wall of worry to inch a bit higher in the weeks ahead," TD adds.

Source:
TD Bank Research/Market Commentary

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