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More near term USD weakness in the pipeline - Westpac

FXStreet (Guatemala) - Richard Franulovich, analyst at Westpac Banking Corporation explained that the combination of yet more soft US data - as hinted by tighter US financial conditions - along with catch up to a loss of yield support could see the USD index testing the lower end of its 2015 ranges, around 93-94 near term.

Key Quotes:

"The post payrolls price action shows more hallmarks of a return to “carry” than broad based USD weakness. EUR and JPY for example have failed to build on their initial payrolls driven gains against the USD while the ADXY, AUD and NZD have all continued to forge ahead.

That is understandable. Not only has Fed lift-off has been delayed yet again but hopes are growing for an expansion of monetary accommodation from both the BoJ and the ECB. Regardless of whether the nascent return of carry has legs we can think of a couple reasons why broad based USD weakness may yet prove to be the bigger theme in coming days and weeks."

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