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USD appreciation remains on the cards – Westpac

FXStreet (Edinburgh) - According to strategists at Westpac, the greenback could be poised for another leg up in the medium term.

Key Quotes

“The USD has suffered some modest loss of yield support but Fedspeak this week, culminating with Chair Yellen Thursday, should keep rate hike prospects alive”.

“Beyond that, long positioning in the USD has of course been heavily trimmed, long term capital flows continue to leak out of the Eurozone (fixed income mainly), not to mention China and the USD’s valuation has improved”.

“We judge that the groundwork for another leg up in the USD in the months ahead has been building”.

“A directional bias has been lacking since March. We are watching daily/weekly Bollinger bands closely for the next breakout and clue to a future directional bias. Neutral bias for now”.

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