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Jun 23 - 06:55 PM

USD: Not Expecting A Deeper USD Correction At This Juncture - MUFG

By eFXdata  —  Jun 23 - 03:00 PM

MUFG Research sees a limited scope for further USD correction in the near-term.

"US yields have continued to correct lower following the less hawkish than feared comments from Fed Chair Powell. The 2-year and 10-year US Treasury bond yields have fallen by around 40bps and 35bp restively from the highs on 14th June. The pullback in US yields has contributed to the US dollar’s recent loss of upward momentum. The dollar index has fallen back modestly towards the 104.00-level after peaking on 15th June," MUFG notes.

"Overall, recent developments have helped to dampen upward pressure on the US dollar but we are not convinced that they are sufficient on their own to trigger a deeper and/or sustainable reversal of US dollar strength at the current juncture," MUFG adds. 

Source:
MUFG Research/Market Commentary

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