USD soft tone extends but may consolidate by Thanksgiving, Scotiabank economists report.
USD losses may moderate in the short term
The overall downtrend in the USD may consolidate in the short term; US markets will consider Thanksgiving and lighten the position, while end-of-month flows could also slightly support the USD.
Moderate USD gains are likely to still attract better selling interest.
See: Dollar is now near oversold levels and recovery may be delayed – SocGen
