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- USD: seasonal picture improves rest of 2020 - BofA
USD: seasonal picture improves rest of 2020 - BofA
eFXdata reports that Bank of America discusses the USD seasonal outlook and maintains a bullish USD bias for the rest of the year.
"The US dollar calendar seasonal picture improves markedly over the next 3 months. Since 2010, the BBDXY has been up an average 2% over the next 60 trading days. The strongest USD seasonal is against JPY, with USD/JPY rising 9 out of 10 times for an average gain of about 4% over the next 60 trading days. The second strongest is against CAD," BofA notes.
"Separately, this also coincides with a bullish event seasonal around US Presidential elections. Specifically, the DXY has been up 7 out of 10 times over the next 60 trading days since the 1980 election for an average gain of 2.5%. If we condition for positively correlated instances in which USD has sold off as now, we find that DXY was up all 4 times for an average gain of 3.4% over the next 40 trading days," BofA adds.
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