Credit Agricole CIB FX Strategy Research notes that the USD remains under pressure from falling US yields as yet another version of the healthcare bill fell apart in the Senate.
“While President Trump and Senate majority leader McConnell have made a push to vote on repealing Obamacare without enacting any major replacement, it appears that the chances of passing that legislation are also very low. The reaction in the bond markets suggests there were still some hopes for a move to the fiscal year agenda, which are now fading as the August Congress recess approaches,” CACIB adds.
“This leaves the USD particularly vulnerable against the currencies where monetary policy settings are shifting in a more hawkish direction (EUR, CAD and AUD),” CACIB argues.
Source: Credit Agricole CIB Research
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