USD: Could H2 Price Action In 2017 Resemble 2014, 2015 And 2016? – BNPP

BNP Paribas FX Strategy Research holds the view that 2018 as likely to mark a turning point for the USD, with a topping out in US yields and the start of the exit process in other G10 economies likely to result in the beginning of a multiyear retreat towards longer-term equilibrium for the expensive dollar.

The question now, according to BNPP, is whether H1 developments suggest the process has begun earlier than anticipated or whether there is more USD strength still to come.

Our own view remains that the USD will fare well in the second half of the year, just as it did in 2014, 2015 and 2016, as US yields move to price a more complete Fed rate hike cycle,” BNPP argues.

Source: BNP Paribas Research

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