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Dec 07 - 10:55 AM

USD: The 'Grinch' Of The Currency World; Short DXY Into Year-End And Beyond Targeting 95- SocGen

By eFXdata  —  Dec 07 - 09:40 AM

Societe Generale Research likes selling the USD Index (DXY) with a target at 95 and a stop at 110.

"The DXY has retraced 40% of the up-move since spring 2021, and we expect more. The dollar has played Grinch as COVID and then the Russian invasion of Ukraine hit the global economy and financial markets. But the pandemic is apparently in the rear-view mirror, and while there is still a clear threat to European growth and stability from the war, that risk is decreasing," SocGen notes. 

"In the near term, year-end optimism and position adjustments can give DXY shorts a strong start before trading likely becomes choppier," SocGen adds.

Source:
Société Générale Research/Market Commentary

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