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United States Dollar: Support to last into year-end, with weakness to follow – National Bank
The Dollar continues to find support from stubborn U.S. inflation and expectations of additional Federal Reserve tightening, according to National Bank strategists Stéfane Marion and Kyle Dahms. In their assessment, weaker global risk appetite is driving safe-haven demand, while midterm elections pose a medium-term headwind. They expect support for the Dollar to persist through year-end, followed by a gradual decline in 2025 as the support from relative interest rates reaches its peak.
How will Fed tightening and politics influence the outlook?
"The U.S. dollar remains supported by persistent inflation and the prospect of further Fed tightening."
"Following October’s pause, another firm CPI report reinforces our expectation for tighter policy before year-end, while a deterioration in global risk appetite could provide further support through safe-haven demand."
"We expect the dollar to remain supported through year-end before weakening gradually in ൭൫൭൲ as relative-rate support peaks."
(An Artificial Intelligence tool helped create this article, which was reviewed by an editor. Learn more.)
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