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Jul 12 - 09:55 AM

USD: Case For Stronger USD Remains Compelling N-Term - MUFG

By eFXdata  —  Jul 12 - 08:49 AM

MUFG Research maintains a bullish bias on the USD in the near-term.

"Overall, the developments continue to favour further US dollar strength in the nearterm. The latest IMM positioning report revealed that USD poisoning is not yet stretched leaving room for long speculative positions to be extended," MUFG notes. 

"The main nearerm risk to our bullish US dollar view would be the release of a much weaker than expected US CPI report tomorrow. Atlanta Fed President Bostic (nonvoter this year) stated yesterday that he would support another 75bps hike later this month, and feels pretty comfortable that the US economy can withstand higher rates closer to about 3.00% which he views as neutral," MUFG adds. 

Source:
MUFG Research/Market Commentary

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