TD Securities gets back to basics
"It seems fairly clear the dollar is somewhat overvalued on a fundamental basis," said Shaun Osborne, chief currency strategist at TD Securities, based in Toronto. "But at the moment the market is not really paying that much attention to fundamental drivers."
Osborne said the bank's views are based on short-term qualitative factors, which reflect the "stresses and strains" in the wholesale funding markets over the past 10 weeks, when there has been a shortage of US dollars, and he expects the
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