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20 May 2013
Flash: USD trend should continue – Societe Generale
FXstreet.com (Barcelona) - With the USD index last around the 84.20 level, retracing from Friday's fresh almost 3-year highs above the 84.35, Senior Currency Strategist at Societe Generale Sebastien Galy believes the greenback is poised to move higher.
He writes, “The USD trend should continue, with doubts about China and some depressing Bundesbank stance over the week end.” He favours his view as a function of two factors, less attractiveness in Asia and broad EM, and the FED slowly moving out of the ultra dovish camp. Further, he expands commenting that, “For public consumption, the arguments are others but what you say and believe are two different things in central banking. Bernanke will have a chance to clarify his stance this week.”
He writes, “The USD trend should continue, with doubts about China and some depressing Bundesbank stance over the week end.” He favours his view as a function of two factors, less attractiveness in Asia and broad EM, and the FED slowly moving out of the ultra dovish camp. Further, he expands commenting that, “For public consumption, the arguments are others but what you say and believe are two different things in central banking. Bernanke will have a chance to clarify his stance this week.”