Citigroup sticks to bullish dollar call as election draws near
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Citigroup Inc. maintains a bullish outlook on the US dollar ahead of the presidential election in November 2024, despite the dollar's potential steepest monthly drop since December 2023. The bank's foreign-exchange strategy team predicts a rally against various currencies, including the euro, Chinese yuan, and Mexican peso, influenced by the possibility of a Donald Trump victory. The dollar has fallen approximately 1.7% in August 2024, attributed to expectations of the Federal Reserve cutting interest rates. The strategists note that the economy's performance and Fed pricing will likely be more significant for the dollar's direction than the election itself.

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