TD Securities: The recent rally of the US dollar is unlikely to last, it may decline by the end of the year

According to a report by Golden Ten Data, TD Securities strategists stated that, due to the energy price shock caused by the Iran war, the recent rise of the US dollar may be less sustainable than in 2022. They pointed out that during the 2022 Russia-Ukraine conflict, oil prices surged and the dollar appreciated slowly but steadily, and continued to strengthen even after oil prices dropped. TD Securities expects that if inflation slows, the Federal Reserve will consider resuming interest rate cuts in the third quarter of 2026, and the US dollar is expected to decline by the end of the year.