There is clearly decent momentum developing under the USD rebound – Scotiabank

Market news

1 August 2023

There is clearly decent momentum developing under the USD rebound – Scotiabank

The USD is trading firmer overall. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes Greenback’s outlook.

DXY resistance sits at 102.50

Last week’s squeeze higher in the USD around Thursday’s ECB policy decision had paved the way for the USD to strengthen a little more and investors sense a stronger USD is the path of least resistance right now.

I still rather feel that short term gains in the DXY will give way to renewed losses in the longer run but there is clearly decent momentum developing under the USD rebound here.

DXY resistance sits at 102.50.

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