USD could further stay under pressure for the coming months ahead – OCBC

Market news

28 December 2023

USD could further stay under pressure for the coming months ahead – OCBC

Fed’s explicit pivot further reinforces OCBC Bank’s sell-on-rally view on the US Dollar.

Dovish pivot sets the tone

Given Fed’s pivot, the next leg of USD’s decline will depend on 1/ how much more markets expect the Fed to cut (dependent on US data) and 2/ how global growth pans out.

If global growth can trudge along well, alongside a more sustained exports recovery momentum seen in Asia so far, then counter-cyclical USD could further stay under pressure for the coming months ahead.

United States 4-Week Bill Auction climbed from previous 5.265% to 5.325%

United States EIA Crude Oil Stocks Change below expectations (-2.704M) in December 22: Actual (-6.911M)

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