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Analyst: If Data Does Not Cooperate, Dollar Upside Momentum May Stall
BlockBeats News, September 3rd. Yesterday's US dollar strength was mainly driven by a global long-term bond sell-off, lacking other clear catalysts. Francesco Pesole, a foreign exchange analyst at ING, believes that this driver is unlikely to sustain the dollar's strength ahead of key data releases and the Fed's upcoming rate cut.
After Trump appointed a new head of the Bureau of Labor Statistics, the focus on non-farm official data may also increase. Pesole stated that the dollar's strength yesterday lacked strong fundamental support, and he expects to see a "momentum retracement" before Friday's non-farm data, with downside risks for the dollar index. If the data does not cooperate, the upward momentum of the dollar may be difficult to maintain. (FXStreet)
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