Commerzbank shares its view on the dollar
(Kitco News) - In their latest research note, Commerzbank has given its view on the U.S. dollar. Karen Jones FSTA and Axel Rudolph FSTA have been following the FX and precious metals markets closely and their insight has been valuable.
They went on to say, "the U.S. Dollar Index is finding some short-term support around the 55-week ma at 0.9180 and seeing some near term strength, but this should remain somewhat limited. Maintain a negative bias."
In terms of some of the crosses, the report noted "the U.S. Dollar’s near-term strength is expected to be short-lived. We would highlight the downtrend on USD/CHF at 0.9344 and we continue to watch the price action on NZD/USD which is trapped by its 0.7149 downtrend and 55-week ma at 0.6763."
Today there will be some important data in the form of CPI. This could have a bearing on the Fed's view as the combination of CPI and employment levels. The data is expected to come in at 4.2% vs the previous figure of 4.3% Y/Y.