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- US dollar to experience further weakness in the year ahead – MUFG
US dollar to experience further weakness in the year ahead – MUFG
FXStreet reports that according to the MUFG Bank, Yellen’s hearing is set to provide more insights on USD policy under the Biden administration but is unlikely to prove market-moving for the US dollar.
“It has been reported in advance of the hearing that Janet Yellen will argue that ‘the smartest thing we can do is act big’ as she seeks support for the Biden administration’s proposed $1.9 trillion COVID-19 relief package.”
“The increasing likelihood of bigger fiscal stimulus including infrastructure investment is supportive for commodity prices and related currencies. We continue to see scope for further gains in commodity-related currencies in the year ahead which should benefit as well from the strengthening global recovery once vaccines are rolled out more widely.”
“The Biden administration is expected to support a strong US dollar policy. However, we do not believe that fundamentals are as supportive for a strong US dollar, and continue to expect further weakness in the year ahead.”
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