Business
Leading broker warns that US dollar could face bear market crash in 2021 // Motley Fool Australia
The US dollar has been losing ground since the onset of the COVID‐19 crisis but Citigroup warns it’s facing a much bigger retreat in 2021.
This doesn’t only have big implications for currency traders but for everyday ASX investors as such a big move will impact on ASX stock performance.
Citigroup thinks the US dollar is likely to drop as much as 20% in the new year if a COVID vaccine becomes widely available, reported Bloomberg.
A retreat of 20% or more from a peak is considered a bear market.
US dollar in bear market face-off
The greenback has already lost around 11% against a basket of other major currencies since it peaked in March. The drop against the Australian dollar is more dramatic at close to 30%!
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