BTMU FX Strategy Research notes that the USD is attempting to stage a tactical correction amid further encouraging evidence that the US economy has returned to back towards its trend growth rate since the global financial crisis of just over 2.0% after the modest slowdown earlier this year.
However, BTMU argues that it is difficult for the USD to stage a sustainable rebound in the near-term even if it has been heavily oversold.
“Any corrective rebound is likely to prove only temporary at the current juncture. The last time the US dollar index had declined so sharply in a short space of time was back in the summer of 2015. On that occasion, corrective US dollar rebounds proved short-lived and it wasn’t until later in the year that a more sustained rally took hold,” BTMU adds.
Source: BTMU Research
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