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US dollar strength evident in EM's/commodities - BTMU

FXStreet (Guatemala) - Analysts at Bank of Tokyo Mitsubishi explained that the US dollar has already corrected modestly lower against the other major currencies heading into next week’s FOMC meeting. The US dollar’s decline was initially triggered by less aggressive than expected ECB monetary easing.

Key Quotes:

"It has forced a lightening of long speculative US dollar positions which had become stretched in advance of the ECB’s policy meeting. In addition, the renewed decline in the price of crude oil and weakness in the renminbi has coincided with a return to more risk-averse trading conditions which favour position liquidation. In contrast, US dollar strength is becoming more evident again in general against emerging market and commodity-related currencies in the near-term."

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