The recovery in the USD has a bit more to go – Scotiabank
Source Fxstreet
The US Dollar (USD) is narrowly mixed in quiet trade. Economists at Scotiabank analyze Greenback’s outlook.
Potential for the USD to recover more of its Q4 decline
The USD still appears to be consolidating after its early January rebound.
The recovery in the USD has a bit more to go as US short-term yields reprice March FOMC risks but markets need a catalyst to drive more decisive movement.
Recall that the USD may also find support from bullish seasonal trends while longer-term technical signals suggest potential for the USD to recover more of its Q4 decline.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
As ChatGPT nears its three-year anniversary, the AI boom has fueled a three-year U.S. equity rally. However, growing AI bubble concerns and investor fatigue now threaten to derail market
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in red on Friday after correcting more than 5%, 10% and 2%, respectively, so far this week.
Gold climbed higher on Friday, marking its strongest weekly performance in a month, as traders weighed the impact of a data backlog following the end of the US government's extended shutdown. Silver also moved upward.
WTI rises to near $60.00 on supply risks due to US sanctionsWest Texas Intermediate (WTI) Oil price gains for the second successive session, trading around $59.90, up by more than 2%, during the Asian hours on Friday. Crude Oil prices receive support from supply risks linked to upcoming United States (US) sanctions.
West Texas Intermediate (WTI) Oil price gains for the second successive session, trading around $59.90, up by more than 2%, during the Asian hours on Friday. Crude Oil prices receive support from supply risks linked to upcoming United States (US) sanctions.
Ethereum slides 5% as bears lean on $3,500 cap and put $3,150 support in focusEthereum (ETH) drops more than 5% after a failed push above $3,550, with price sliding to $3,153 and now holding below $3,350, the 100-hour SMA and a bearish trend line at $3,500; unless bulls reclaim the $3,350–$3,500 zone, the short-term bias stays bearish and a clean break under $3,150 could expose $3,050, $3,000 and even the $2,880–$2,850 support area.
Ethereum (ETH) drops more than 5% after a failed push above $3,550, with price sliding to $3,153 and now holding below $3,350, the 100-hour SMA and a bearish trend line at $3,500; unless bulls reclaim the $3,350–$3,500 zone, the short-term bias stays bearish and a clean break under $3,150 could expose $3,050, $3,000 and even the $2,880–$2,850 support area.
Related Instrument
