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NEW YORK, Sept 12 - Resilient U.S. growth is fueling another rebound in the dollar and sending bearish investors scrambling, though the rally will be tested by a gauntlet of data and the Federal Reserve's meeting later this month.
While the dollar faltered over the summer, growth has wobbled in many of the world's major economies while remaining comparatively robust in the United States. That has supported the idea that the Fed will leave rates at around current levels for longer than previously expected and boosted the relative attractiveness of the greenback.
That theme will be tested in September, as the market braces for a flood of key U.S. economic data as well as the Fed's monetary policy meeting. Among the data points in focus will be Wednesday's report on U.S. consumer prices; signs that inflation is cooling faster than expected could see investors reassess bets on how long the Fed will leave rates at current levels.
While Englander is bearish the dollar in the medium term, the currency's"underlying drivers have been going so much in the opposite direction," he said. Some bearish investors, on the other hand, said risks in the dollar are asymmetric, that is, the downside on the dollar far exceeds its upside following a multiyear rally that has seen it rise 28% from its January 2021 low. The dollar index is 8% off from a high reached in September.
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