FXStreet notes that following a heightened bid in the flight to safety, the greenback has given back some ground that it picked up in late March. Economists at CIBC Capital Markets see the US dollar weakening in the medium-term.

“The dollar is starting from stronger levels, reflecting a flight to safety value, but we expect the currency to slowly give back some of that strength when we expect economies to begin to recover alongside progress on the virus frontier.”

“Looking beyond the coronavirus, we still see the USD to be in an overvalued position in terms of the country’s current account balance. As such, we’re maintaining our medium to longer-term view, wherein the greenback should weaken against many other major currencies come next year.”