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Nov 22 - 02:55 PM

USD: Too Many Fed-Related Positives In The price - Credit Agricole

By eFXdata  —  Nov 22 - 01:30 PM

Credit Agricole CIB Research sees the USD increasingly overbought and overvalued around current levels.

"King USD has come back to reclaim its crown in a dramatic fashion more recently, boosted by a run of very strong US data and growing market rate hike expectations. That said, with more than 60bp of Fed hikes priced in for 2022 and almost 120bp priced in by the end of 2023, it seems that many positives are already in the price of the USD. We further note that the Fed’s language has not changed all that much to justify the recent market moves,' CACIB notes. 

"The increasingly overbought and overvalued USD may thus be vulnerable to potentially more patient Fed guidance from here," CACIB adds. 

Crédit Agricole Research/Market Commentary


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