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Jun 21 - 02:55 PM

USD: To Stay Bid Into Early Parts Of The Summer Before Peaking - TD

By eFXdata  —  Jun 21 - 01:30 PM
TD Research discusses the USD outlook and sees a scope for further gains into the Summer before a top and turn over the medium-term.
"We continue to expect a resilient USD through the early parts of the summer, reflecting the lingering uncertainty of these drivers. Our G10 FX forecasts are currently under review. That said, the following months and quarters present increasing downside USD risks, especially as we see correlations and themes changing once again. Excessive Fed tightening could start to turn on the USD, especially as US equities and growth continue to come under pressure, " TD notes.
"The USD currently trades at a big premium to rate differentials, suggesting much of the Fed news is priced into the USD...A mix of aggressive Fed tightening and underperforming US assets could reduce the USD's appeal, especially if some of these other global growth risks start to ebb in months ahead," TD adds.
TD Bank Research/Market Commentary


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