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Jul 13 - 10:55 AM

USD: Deconstructing the DXY; 4 Drivers For Bullish View And None Seems To Reverse N-Term - BofA

By eFXdata  —  Jul 13 - 10:00 AM

Bank of America Global Research discusses the USD outlook and maintains a bullish bias into year-end.

"Our bullish USD outlook has focused on four underlying drivers - Fed policy normalisation, equity selloff, high oil prices and weak China. We quantify the contributions of these factors (Chart of the Day) arguing that none seem likely to reverse near-term at a time when idiosyncratic drivers of the other majors (EUR, JPY & CNH) remain uniformly negative," BofA notes. 

"The earliest turning point we can envisage is 4Q 22 when the Fed potentially shifts from autopilot to being more data dependent and there is some sequential improvement in China growth. Until then the path of least resistance remains a stronger USD," BofA adds. 


BofA Global Research


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