Global Market Commentary

May 05, 2015

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Will The Dollar Resume Its Rally?

We think so, but only after the dollar falls for a few more weeks. We believe that it will rally again later in 2015, on the basis of central bank policy — which is leading up to tightening in the U.S., but still in serious easing mode in most of the world. We also think the Dollar will be supported longer-term by big Dollar-denominated debts accumulated over the past several years by foreign sovereigns and corporates; and we think that continued deceleration in the growth of the U.S. current account deficit will also be supportive.

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