A quiet week has the potential to be a weak one for the Dollar – SocGen

US Dollar struggles to recover. Kit Juckes, Chief Global FX Strategist at Société Générale, expects the greenback to stay under bearish pressure.

A spoonful of optimism helps the Dollar go down

“Somewhere, a rabbit is poking its head out of a burrow and being greeted by a pale sun failing to thaw the frozen grass. Meanwhile, as the Chinese celebrate the new year, economists are turning less bearish about growth and investors are optimistic about non-Dollar assets.”

“Slight upward revisions to consensus growth forecasts in the US, Eurozone, UK and even Japan, don’t deliver changes in relative GDP growth but they do lift the mood (despite the chill in the air).”

“Today is so light on news the optimism may survive: Eurozone consumer confidence and US leading indicators were worth watching (for surprises),but aren’t often market-moving.”