It is a little too early to expect the Dollar bear trend to run a lot further just yet – ING

Ahead of the Thanksgiving holiday, the USD holds resilient against its rivals. Economists at ING analyze Dollar’s outlook.

Trading volumes to fall away into Thursday’s US Thanksgiving holiday

Expect trading volumes to fall away into Thursday’s US Thanksgiving holiday but the holiday means we get to see US initial jobless claims earlier than usual. Here, continued claims are expected to climb, reflecting a softening labour market. 

In terms of the bigger picture, we tend to think it is a little too early to expect the Dollar bear trend to run a lot further just yet. That will require some substantially weaker US data or the Fed formally taking an additional rate hike off the table.