TD advises to sell the US dollar

Forex has responded to weak wage growth, and not to the employment rate, most likely, given that the dollar declined after the employment report, said Mark McCormick, head of the TD office for North America. “Given the renewed attention of the Fed to inflation, weak data on wages, most likely, provoked a depreciation of the dollar,” McCormick said. “Recall that the recent rally took place, despite the rise in oil prices,” he added. TD recommends using the growth of the dollar as an opportunity to sell the US currency against the euro (EUR) and the yen (JPY).

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