FX Brief: “Overvalued” US Dollar Lags Rivals
- From first to worst: The US dollar was the weakest major currency today as the IMF estimated the currency was “6-12% overvalued” relative to fundamentals (this is down slightly from last year’s estimate of an 8-16% overvaluation). See our thorough analysis of the US dollar from earlier today for more.
- The kiwi was the strongest major currency on the day, taking NZD/USD to its highest level in three months near 0.6750.
- WTI crude oil fell nearly 2% on the day despite a slightly larger-than-expected drawdown in EIA inventory data.
- See why a key technical pattern could finally lead to a breakout from EUR/USD’s tight 9-month range!
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