USD rebound likely to run out of momentum – Scotiabank

Market news

31 July 2023

USD rebound likely to run out of momentum – Scotiabank

USD trades mixed to slightly lower in quiet trade. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes Greenback’s outlook.

Eyes on NFP

Calendar-wise, it’s a pretty light session and overall focus is on Friday’s Nonfarm Payrolls data.

Beyond month-end today, the USD may consolidate a little more as investors leverage developments to determine whether the USD rebound can extend or, more likely in my opinion, runs out of momentum and resumes its broader decline.

See: USD Index to trade 101.00-102.00 near term – ING

Chile Industrial Production (YoY) up to -2.7% in June from previous -4.5%

Australian Dollar rebound fueled by rising Crude Oil prices

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