US Dollar: Near-term stabilization view – BBH
Brown Brothers Harriman’s (BBH) Elias Haddad notes the US Dollar (USD) is softer mainly against the Japanese Yen and Swiss Franc, with Brent Oil nearing $100.
Brown Brothers Harriman analyst Elias Haddad sees the US Dollar (USD) stabilizing in the near term, except against the Japanese Yen, with Brent Oil nearing $100. The ADP August private payrolls data showed labor demand remaining unimpressive, with the economy adding only 38,000 private sector jobs in August. The Fed Beige Book indicated solid economic activity and stable labor markets.
The latest data suggests a mixed inflation outlook, with the Services ISM expected to show resilient demand and sticky inflation pressures. The USD is expected to remain elevated on Fed rate hike pricing into the September FOMC, but a dovish repricing is anticipated as the Fed holds rates.
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