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Strategist Sees Continued Short-Term Weakness For Dollar

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Strategist Sees Continued Short-Term Weakness For Dollar

Brian Dolan was recently a guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. Tune in to the daily broadcast live Monday-Friday at 8 a.m. ET here.

The U.S. dollar will continue to lose value against other currencies over the short term, a market strategist told Benzinga Friday.

"I think there's more room for a euro rebound and a dollar pullback," Brian Dolan, head market strategist for the online brokerage platform DriveWealth LLC said.

The dollar hit a nine-week low before the bell Friday and recently capped its worst month's performance in four years, as measured against a basket of six major currencies, according to Reuters.

Related Link: U.S. Dollar Index Lower

Looking Ahead

Later Friday, however, the dollar was rising against most major currencies.

Dolan, who is based in Chatham, New Jersey, said the dollar will continue to weaken as a result of expectations that the Federal Reserve will postpone an interest rate hike.

But Dolan said weakness in the dollar is a short-term event.

"The major trends that were in place are still such that the Fed is the only central bank globally poised to tighten in the next 12 months," Dolan said. "That's going to continue to support the dollar."

Listen to the entire episode here:


 
Image Credit: Public Domain

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