USD downside looks contained ahead of November CPI and the Fed meeting – TDS

The US Dollar stumbled again last week. But in the view of economists at TD Securities the greenback should consolidate ahead of November Consumer Price Index (CPI) data and the December Fed meeting.

USD/JPY to retest 140 before year-end

“A shift in momentum signals could keep the USD on the back foot in the very short-term. Yet, USD downside looks contained ahead of November CPI and the Fed meeting.”

“We like fading the rally in GBP/USD and see USD/JPY retesting 140 before year-end.”

“We also see dovish risks for RBA and BoC this week and like USD/NOK topside, especially if risk sentiment peaks.”