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USD rally still intact – Danske Bank

FXStreet (Edinburgh) - Senior Analyst Sverre Holbek at Danske Bank expects the upside momentum in the USD to continue.

Key Quotes

“The dollar-rally slowed yesterday and EUR/USD rose back above 1.29 after it temporarily touched the 1.2860 level during the European session”.

“However, in the near term we expect the broad-based USD rally to continue ahead of next week’s FOMC meeting where members will discuss a change in forward guidance”.

“Our short-term financial models currently indicate that the USD is significantly overbought against both the SEK and NOK trading 1.7 standard above both fair value estimates of 6.985 (USD/SEK) and 6.231 (USD/NOK), suggesting that the risk of a correction lower has increased”.

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