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USD: Fade Any White House Personnel Driven Rebound In The USD – Credit Suisse

The US Dollar was rocking and rolling on the reshuffling at the White House. Tillerson and Cohn out, Kudlow and Pompeo in. How should this be traded? Here is the view from Credit Suisse.

Here is their view, courtesy of eFXnews:

Credit Suisse Research discusses the USD outlook and maintains a bearish bias, arguing that  the appointment of the White House’s new economic adviser, Larry Kudlow is not a  game changer for the negative USD prospects.

We would be inclined to fade any White House personnel driven rebound in the USD,  as the announcement of the executive order blocking the acquisition of US tech firm Qualcomm on national security grounds represents a significant escalation of the US administration’s protectionist stance, one that might further exacerbate the funding outlook for the US’ widening current account deficit. In this regard, the decision to block this deal brings further weight to our BOP-based case for further USD weakness

Against this backdrop, we continue to see no reason to deviate from our core bearish view on the USD. In particular we view the expansion of the US administration’s protectionist reach beyond the trade balance and to the capital account as an ulterior source of volatility and of USD weakness,” CS argues.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.