US Dollar Extends Consolidation as Labor Market Data Looms
DXY: Consolidates in a 101.55-101.80 Range
USD: Weak Payrolls Needed for FOMC to Cut 50bps – MUFG
Are exchange rates relatively undervalued compared to interest rates? Has the weak US dollar reached its limit?
The market expects the Federal Reserve to cut interest rates by 100 basis points during the year, but HSBC believes that this dovish expectation is very aggressive and there is still a possibility of a soft landing. In addition, the dollar has dropped to its lowest level in six months, HSBC believes that the dollar still has room to rise during the year.
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