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- US Dollar Index to lurch higher towards the 96.00 level – Westpac
US Dollar Index to lurch higher towards the 96.00 level – Westpac
The US Dollar Index (DXY) is shifting into higher gears in the wake of the October CPI blowout. Ongoing repricing in Fed expectations for earlier hikes (2022) should leave USD on the front foot, in the opinion of economists at Westpac.
Further upside seem very likely near-term
“A sixth consecutive annual CPI reading above 5% has given the USD fresh gears to finally push past resistance in the mid-94s. From here the topside is wide open, with no meaningful resistance until around 96.0.”
“2022 and 2023 Fed hike expectations have leapfrogged the FOMC dots, though the Dec FOMC dots likely see a further hawkish shift.”
“DXY a strong buy on pullbacks into the low 94s.”
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