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Societe Generale: USD will loose its grip in 2023
The U.S. Dollar Index (DXY) is down 40% from its spring 2021 levels. At the same time, economists at Société Générale expect an even greater decline.
Experts expect the dollar to be the weakest of the G10 currencies in 2023, even though there is no clear devaluation.
The Fed is nearing the end of its rate hike cycle. If taming inflation does cause a tighter-than-expected economic landing, it will likely not manifest itself soon enough. For now, a soft landing is not good for the dollar.
The dollar index will lose nearly all of its accumulated gains from January through September and eventually fall below the 100 mark. All this will happen against the backdrop of the current economic transition, the reversal of monetary policy and the correction of energy prices.
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