TD Securities: Stagflation is the latest risk to the dollar
2025-08-11 20:01:50
FX strategists at TD Securities said the possibility of stagflation in the US was the latest risk to the dollar's strength and that it was slipping into "emerging market currency territory" against the backdrop of political interference in federal agencies. "While the market appears to be ignoring inflation and focusing instead on slowing growth, this could be a mistake," TD Securities' Jayati Bharadwaj, Linda Cheng and Alex Loo wrote in a note on Monday. "The last US CPI report showed the first signs of tariff transmission to the consumer side, and despite the downside surprises, the market is still taking a hawkish reading."
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