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The bearish trend of the Dollar will rebound throughout 2024 – ING

According to economists from ING2024 should be the year in which US exceptionalism ends and currencies from outside the country are allowed to refloat.

The end of American exceptionalism

Our simple thesis is that interest rate tightening will finally catch up with the US economy next year, growth will be a paltry 0.5% and the Fed, in line with its dual mandate of focusing on inflation and maximum employment , will cut rates again towards less restrictive territory. We forecast 150 basis points of Fed easing next year starting in the second quarter.

According to our baseline vision for 2024, the dollar’s bearish trend will rebound throughout the year.

Compared to forward contracts at the end of 2024, currencies could rise between 2% (Chinese renminbi) and 13% (Scandinavian currencies) against the Dollar.

Source: Fx Street

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