US Dollar Holds Firm on Fed Hike Bets, ING’s Turner Says
ING analyst Chris Turner notes that the dollar is not broadly weaker despite joint USD/JPY intervention and lower oil, as markets still price in a Fed rate hike.
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Forex strategist Chris Turner at ING pointed out that the US dollar has not been broadly weaker, even after sizeable joint intervention in USD/JPY and a retreat in crude oil prices.
The resilience, he explained, stems from markets continuing to price in an additional Federal Reserve rate hike. This expectation keeps the DXY supported, overshadowing the typical negative impact of lower commodity prices and intervention action.
Source: FXStreet Forex News