Downtrend in the USD may consolidate in the short run – Scotiabank

USD soft tone extends but may consolidate into Thanksgiving, economists at Scotiabank report.

USD losses may moderate in the short term

The overall downtrend in the USD may consolidate in the short run; US markets will be thinking about Thanksgiving and lightening up on positioning while month-end flows could also give the USD a minor boost. 

Modest USD gains are still likely to attract better selling interest.

See : The Dollar is now close to oversold levels and a rebound could be overdue – SocGen