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Nov 14 - 12:55 PM

USD: 2 Conflicting Drivers To Decide USD Outlook This Week - Credit Agricole

By eFXdata  —  Nov 14 - 10:45 AM

Credit Agricole CIB Research discusses the USD outlook this week. 

"Looking ahead, the USD outlook this week could be decided by the tug-of-war of two conflicting drivers: (1) growing expectations of a ceasefire in Ukraine and improving US-China relationship ahead of the G20 summit of heads of state on 15- 16 November; and (2) hawkish Fedspeak (eg, FOMC’s John Williams and Lael Brainard today) plus evidence that the US economy remains robust (eg, retail sales) when compared to the European (eg, Eurozone Q3 GDP data and UK data) and Asian economies (eg, China activity data)," CACIB notes. 

"While further abatement of geopolitical risks and/or positive data surprises could boost global risk sentiment and weigh on the safe-haven USD, we doubt that the currency’s recent weakness will grow into a downtrend. Indeed, the USD still commands a considerable rate appeal while some of the market USD longs have been unwound and some of the USD’s overvaluation has been corrected," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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