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    US Dollar Forecasts 2021

    Forecasts for the US dollar change all the time, affected by news events and relative sentiment towards the US economy. This continually updated article reviews the latest forecasts from banks and FX experts as well as news and recent movements of USD in the currency markets.

    Updated: Oct 09, 2021  

     


     

    US Dollar Index = 93.69
    The U.S. Dollar Index at 93.71 is 0.7% above its 90-day average, range 91.90-94.51.
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    USD Outlook

    The USD had a strong month in September, outperforming all the G10 currencies. The gains can be attributed to more ‘hawkish’ commentary from the US Federal Reserve, especially in comparison to the European Central Bank.

    According to OFX the USD trend for October is unclear.

     

    USD in the markets

    Starting October with a decidedly risk-off sentiment, the DXY (US dollar index) was testing upper levels around 94.26. If it can stay above that level in October, this could open the door towards 97.85. Should conditions shift, it might see decreased demand and fall back towards important support around 90.00.

    As we progress through 2021, the US dollar is being buffeted by predictions of rising interest rates, inflation and the oil price as the world starts the slow path to recovery from the pandemic.

    Rabobank told Bloomberg News that they see the US Dollar strengthening against many currencies this year as inflation picks up maybe leading to higher interest rates in the US, the so called ‘reflation’ trade.

    You can also read our full Foreign Exchange Guide to the United states.

     

    What is a good US Dollar exchange rate?

    The US dollar is the most popular reserve currency so whether the USD rises or falls in the future is a difficult question and the answer depends on many factors.

    A good way to consider the US dollar’s current relative value is to look at the recent US Dollar Index which measures the USD value against a range of peer currencies.

    USD to X 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsThe U.S. Dollar Index at 93.71 is 0.7% above its 90-day average, range 91.90-94.51.

    The following sections show a summary of trends and forecasts for popular US dollar exchange cross rates:

    USD to EUR

    USD to EUR 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsUSD to EUR at 0.8587 is 0.8% above its 90-day average, range 0.8412-0.8672. USD/EUR Rates

    In September, Olaf Scholz’s Social Democrat Party narrowly won the German election. The longer negotiations and political uncertainty drag on, the greater downward pressure will be felt by the euro.

    In addition should risk sentiment remain fragile, there could be continued demand for USD as a safe haven. Therefore, USD/EUR could gain higher.

    USD-EUR Outlook

    USD to AUD

    USD to AUD 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsUSD to AUD at 1.3413 has fallen 1.8% below its 90-day average, range 1.3409-1.4027. USD/AUD Rates

    In early September, AUD broke 0.74 USD, however due to erosion in risk sentiment sparked by the Evergrande crisis, then steadily declined toward 0.72 USD.

    Despite the pessimistic outlook there OFX see an opportunity should there be any uptick in global risk sentiment, accelerating a broader AUD rebound towards 0.75 USD.

    AUD-USD Outlook

    USD to CAD

    USD to CAD 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsUSD to CAD at 1.2349 has fallen 1.9% below its 90-day average, range 1.2349-1.2833. USD/CAD Rates

    Into October, broader risk sentiment is driving direction for commodity currencies like the loonie. If the global equity volatility eases, we could see domestic data take the front seat in driving the currency direction.

    OFX predict the USDCAD pair could trade between 1.24 – 1.29 CAD in October.

    USD-CAD Outlook

    USD to GBP

    USD to GBP 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsUSD to GBP at 0.7263 is near its 90-day average, range 0.7163-0.7448. USD/GBP Rates

    The pound sunk in September to 1.34 against the greenback but has recovered into October near 1.36 after Boris called the army out to drive the fuel trucks.

    The outlook for the pound for October is very uncertain due to rising inflation, slowing growth and unemployment, the combination of which could create a nightmare scenario for the Bank of England Monetary Policy Committee.

    OFX predict the GBP could range between 1.33 – 1.38 USD in October.

    GBP-USD Outlook

    USD to MXN

    USD to MXN 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsUSD to MXN at 20.37 has risen 1.0% above its 90-day average, range 19.86-20.86.

    The US dollar surged to 6-Month Highs against the Mexican peso in October as as bond yields have risen sharply on predictions the US Fed will start tapering (cutting back on Bond purchases).

    But the peso was not alone as most other Latin American currencies dropped as the dollar strengthened.

    USD-MXN Outlook

    USD to INR

    USD to INR 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsUSD to INR at 75.01 has risen 1.1% above its 90-day average, range 72.99-75.48. USD/INR Rates

    The rupee weakness in September has continued into October dropping from 73 to 75 per USD, after powering ahead in late August gaining almost 2% as speculation grew that the central bank was relaxing its control over the currency. USD-INR Outlook

    USD to JPY

    USD to JPY 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsUSD to JPY at 114.2 has risen 3.3% above its 90-day average, range 109.0-114.4. USD/JPY Rates

    In September, the JPY traded within recent ranges of 109 – 111 JPY until the last week of the month.

    Continued market volatility could support a lower USDJPY in October and the expectation that potential Prime Minister Kishida will maintain current monetary policy could also pressure the yen lower.

    USD-JPY Outlook

    USD to SGD

    USD to SGD 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsUSD to SGD at 1.3458 is 0.5% below its 90-day average, range 1.3411-1.3662. USD/SGD Rates

     

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    Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.