The recent surge in the U.S. dollar will last less than three months, according to a majority of foreign exchange strategists polled by Reuters who said the greenback would have a roller coaster ride in the run-up to the U.S. presidential election.
FILE PHOTO: A U.S. dollar note is seen in front of a stock graph in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration
The expected pull and push in the currency market in the lead up to the election was underscored by the wide range of forecasts in the one-month-ahead predictions compared to the previous month. “The outlook for the next month or so is messy to be honest, because of the U.S. election... but the dollar will benefit from the ongoing political uncertainty in the next few weeks,” said Kit Juckes, head of FX strategy, at Societe Generale.That expected volatility was also highlighted in the median responses to additional questions, which showed the dollar could rise around 2%, or conversely fall by as much, in the run-up to the election.
Still, the greenback’s appeal as a safe-haven asset and demand for it as a reserve currency from global investors, governments and central banks for portfolio rebalancing and fund transfers was expected to limit the weakening.
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