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OCBC bullish on US Dollar recovery but contested elections could spoil the party

Ng Qi Siang
Ng Qi Siang9/28/2020 03:45 PM GMT+08  • 4 min read
OCBC bullish on US Dollar recovery but contested elections could spoil the party
OCBC is negative on EUR-USD and GBP-USD and recommends USD-JPY as a hedge should the US election outcome be conteste
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OCBC FX strategist Terence Wu has reiterated the bank’s constructive outlook on the US Dollar as US equities firmed up on Friday (September 25).

“With the S&P500 off lows but not out of the woods and gold still heavy, the the correlation dynamics likely still favour the USD,” he writes in a daily market outlook report on September 28.

The broad US Dollar experienced a strengthened recovery though gains were limited as risk recovered during the New York session. With the overall FX Sentiment Index (FXSI) edging higher towards the risk neutral zone on September 28, Wu sees a risk-negative tilt still in play for currency markets going forward.

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