5-straight monthly declines in the USD index so far
5-straight monthly declines in the USD index, the longest monthly losing streak since 2009. The last time USDX fell more than 5 consecutive months was in 2002-2003 when it fell 10 months in a row. There is little in the way of fundamentals that will reverse the USDs rout for now.
Disappointing US data and next week's anticipated weak advanced reading in US Q1 GDP should keep the doves in control at the Fed with regards to their relaxed view about inflation and continued preoccupation about unemployment. Meanwhile, the inflation situation in the Eurozone is unexpected to alter the ECBs hawkish stance. The ECB does not have to raise rates in May or June in order for EURUSD to maintain its upward pat. USDX weekly and technical suggest a slow grind downwards of about 4-5% and a $1.49 target in EURUSD before quarter's end.
AL
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