September 18, 2024
US dollar trades in the doldrums as rates and data weigh on outlook
"We’re at the bottom of the (dollar) smile right now. Global expected growth differentials have narrowed. The US has lost momentum, but it is still doing relatively well,” says Corpay's Karl Schamotta. “There is an overly crowded trade against the dollar" ... "Numbers like retail sales and the Atlanta Fed’s Nowcast are telling us that the US economy is still on a strong footing despite a deceleration. The only area of weakness is a labour market that has corrected from overheated levels during the pandemic".