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USD: Weakness to sustain? – Danske Bank

2019-06-24 19:35

Jens Nærvig Pedersen, senior analyst at Danske Bank, notes that the USD continued to weaken on Friday on the back of weaker US PMIs and dovish comments by the Fed’s Kashkari, with EUR/USD climbing above the 1.1370 level.

Key Quotes

“IMM positioning data shows that investors have started to scale back their stretched long positions in USD and reduce their short positions in the CHF, EUR and JPY. As the market is assuming some probability of the Fed delivering a 50bp cut in July, weak US and global macro figures along with lack of progress in trade talks is needed to sustain current USD weakness.”

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Economic news

    Exchange Rates

    GBPUSD +1.57% 1.31426
    EURUSD +0.40% 1.18673
    XAUUSD +0.55% 1920.43
    XTIUSD -2.91% 40.149
    NAS100 -0.41% 11655.1
    US30 -0.45% 28211.8