DXY is trading flat after fourth straight down days. EUR/USD is trading lower on the day, and the USD/JPY is trading higher right below 161, BBH FX analysts note.
The relative story should continue to support the USD
“DXY is trading flat near 104.96 after fourth straight down days. The Euro (EUR) is trading lower near $1.0829 against the US Dollar (USD) but has recovered since the initial post-election selling (see below), while sterling is trading flat near $1.2825. USD/JPY is trading higher right below 161 after mixed wage data.”
“Recent softness in the data is challenging our view that the backdrop of persistent inflation and robust growth in the U.S. remains largely in place. However, we note that weaker data in many of the major economies underscore the fact that the relative story should continue to support the USD.”
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