The USD is ending the week and starting the month somewhat on the defensive versus most major currencies. Economists at Scotiabank analyze Dollar’s outlook.
Relatively light data schedule ahead of the weekend for US markets
Despite Thursday’s recovery in the USD, headwinds – lower yields specifically but seasonal trends in December and broadly bearish technicals – all suggest more USD softness ahead in the next few weeks and perhaps beyond.
There is a relatively light data schedule ahead of the weekend for US markets (just Construction Spending and ISM Manufacturing). But the calendar is beefed up substantially by speaking engagements for Fed Governor Goolsbee, Chairman Powell and Governor Cook). These are the last scheduled Fed comments ahead of the blackout for the December 13th FOMC.
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