USD: Credit Agricole remains bullish in short term against the "commodity currencies"

"The FOMC meeting has not changed the outlook for the dollar. The Fed remains open to a further increase in rates this year, perhaps in September, but everything will depend on upcoming statistics. As such, we will have two NFP reports before the next meeting.

This week, we have the US ISM and NFP reports. If economic data maintains its level, the likelihood of a rate hike by December (currently 45%) should increase. On the other hand, the risk environment has become more troubling lately, which should help the dollar because of its reputation as a safe haven.

In the short term, we prefer to be bullish on the dollar against the AUD, CAD and NOK", says Credit Agricole.