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Analysts at Rabobank continue to see scope for the US Dollar to strengthen against a broad base of currencies.

Key quotes

 “On a 5-day view, the USD has outperformed almost all global currencies.  There is no alternative to the USD as a transactional currency and it is our expectation that as long as stresses in the money market persist the USD is set to remain firm.” 

“The DXY dollar index has bounced sharply from its recent sell-off.  However, we would argue that the DXY index gives a very skewed view of the dollar’s performance given the high weighting of the EUR (57.6%).”

“Until there is evidence that the number of coronavirus cases has peaked, we expect the USD to remain well bid.”

 

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