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Mar 24 - 02:55 PM

USD: Here Is Why The USD Remains 'The King Of The Beasts' - Barclays

By eFXdata  —  Mar 24 - 01:30 PM

Barclays Research maintains a core bullish bias on the USD. Barclays targets EUR/USD at 1.16 by end of Q2, and 1.14 by year-end.

"The USD remains king of the beasts...The dollar offers the best of both worlds: G10-leading growth that bests all but a handful of EM, and a recent track record as the best-performing safe haven. On its eponymous smile, it seems to simultaneous reside at both ends at once, like Schrödinger’s cat in two simultaneous states, as markets bounce between radical post-COVID uncertainty and ebullience on surging US data. Amid a bond market selloff that challenges the relative safety of duration, this gives the USD an attraction in global portfolios that is unmatched as a hedge on equity risk," Barclays notes. 

"Yet, after years of appreciation, the USD remains overvalued, although down from last year’s risk-driven surge. Hence, we expect the dollar’s Schrödinger’s cat grin to keep it buoyant at elevated levels, but not lead to significant appreciation," Barclays adds. 

Barclays Research/Market Commentary


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