BENGALURU: The U.S. dollar, which has dominated currency market trading for the last two years, looks set to do so again in 2020, according to the latest Reuters poll of foreign exchange strategists.
About 60per cent of analysts in the Jan 6-9 Reuters poll who answered an additional question - 32 of 57 - said the dollar will continue to dominate the market either from six to 12 months or for more than a year.
In a sign of dollar fatigue setting in, speculators have cut back their bets in favor of the greenback to the lowest in two months, according to the latest data from the U.S. Commodity Futures Trading Commission.Indeed, when analysts were asked which currencies were better poised to outperform the U.S. dollar this year, there was a near split among the poll respondents.
However, analysts still expect the common currency to gain about 2per cent to trade around US$1.13 in six months and then end the year nearly 4per cent higher at US$1.15. It was last changing hands around US$1.11 on Thursday."If the U.S. has to cut rates because it's under severe downward pressure in terms of growth and global growth is weak then it is harder to argue that the euro is going to see any material rebound," said Tim Riddell, macro strategist at Westpac.
Source: News Formal (newsformal.com)
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