Skip to content
Subscriber Only

Top Currency Trader Says Too Soon to Buy Dollars Despite Data

  • Stronger jobs data last week made little impact on Fed outlook
  • Yellen Fed focusing more on world growth than U.S.: Citigroup
Video player cover image

Dollar Outlook: Is More Downside Ahead?

Citigroup Inc., the world’s biggest currency trader, says it’s “too soon” to buy the U.S. dollar after it slumped to a nine-month low and economic data came in stronger than forecast.

A gauge of the dollar was little changed Monday after dropping 1.6 percent last week even after Labor Department data showed U.S. employers added more workers than projected in March and wages strengthened. Federal Reserve Chair Janet Yellen and fellow policy makers are changing how they decide on rates, putting more weight on global financial conditions, even as U.S. data improve, said Todd Elmer, a Singapore-based foreign-exchange strategist at Citigroup.