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    Lower yields may undercut support for the USD in the short run – Scotiabank

    Source Fxstreet
    January 30, 2024 13:59

    The US Dollar (USD) remains range-bound in broad terms and is trading mixed on the session. Economists at Scotiabank analyze Greenback’s outlook.

    Short-term technical risks tilted to the downside

    Gains in the US Dollar Index (DXY) peaked around 103.80 on Monday, equating to a retest of last week’s high. The turn lower in the index tilts short-term technical risks to the downside and a test of the 103.00 area but whether the markets can muster the momentum to push lower ahead of Wednesday’s FOMC decision remains to be seen. 

    US yields have drifted a little lower following Monday’s announcement from the US Treasury of a smaller-than-expected quarterly borrowing requirement; lower yields may undercut support for the USD generally in the short run.

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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