The US Dollar slid for the fourth consecutive week last week, losing approximately 10% from its peak last year. In the weeks ahead, economists at TD Securities anticipate data to remain a critical determinant of the USD.

Short-term rallies should be met with skepticism

“The USD's downtrend could stall a bit in the short-term, aided by the expectations of another Fed hike next month. However, much will hinge on the near-term data releases, especially the March CPI print.”

“We continue to expect a deeper USD correction in the months ahead, so would use any rallies as opportunities to resell it.”