USD: There is a risk it could drop further in the near-term – MUFG – by MSalordFX DollarIndex Banks
“It has been a volatile week in the foreign exchange market. In the first half of the week the dollar extended its recent advance hitting fresh year to date highs against other major currencies.hit a fresh year to date low of 0.9864 on Tuesday followed by cable hitting fresh year to date low at 1.1406, and USD/CNY and USD/JPY hitting fresh year to date highs at 6.9799 and 144.99 respectively on Wednesday.
“The pullback for the USD has made us more cautious over chasing further USD upside in the near-term. We are not convinced that it is the start of a more sustained reversal lower for the USD, but there is a risk it could drop further in the near-term.”for the USD is the release of the latest US CPI for August.
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