Upside potential in the USD generally is limited – Scotiabank

Market news

21 July 2023

Upside potential in the USD generally is limited – Scotiabank

The USD is extending its rebound into the weekend. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes Greenback's outlook.

Not yet signal a major reversal in the soft USD trend

The USD rebound this week provides some respite from recent losses and may reflect market positioning as investors start to focus on next week’s FOMC decision (Wednesday) and ECB announcement (Thursday).

The rebound this week has done enough to check the sell-off but does not (yet) signal a major reversal in the soft USD trend seen in recent weeks. I still rather think upside potential in the USD generally is limited.

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