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Week Ahead: Greenback's Correction can Extend
The US dollar fell through the first part of last week and lows for the year against sterling G10 currencies were set in the initial reaction to the rate cut by the FOMC. However, Chair Powell press conference and a look at the Summary of Economic Projections were not as dovish the rate cut and concerns about the deterioration of the labor market seemed to suggest. US yields rose and the dollar recovered, with new highs for the week seen ahead of the weekend. There appears to be scope for additional near-term modest US dollar gains. They should be understood as corrective in nature. Given that the thunder from PCE ... (full story)
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