The US Dollar Index (DXY) heads into the Thanksgiving holiday on track for a third consecutive strong weekly gain. The US economy’s Q4 is shaping up as booming and key Federal reserve officials are talking about speeding up tapering. DXY’s Fed fuelled gains are likely to extend into the mid-December FOMC, economists at Westpac report.
“A strong payrolls for November seems likely now that the economy is finding its footing again. All the signs point to persistent price pressures and another strong CPI print too.”
“The prospect of faster pace of tapering and earlier Fed hikes should provide the DXY with ongoing yield driven upside into the mid-Dec FOMC.”
“DXY dips have been few and far between, but anything into the low 95s is a clear buying opportunity for a run-up into the 16th Dec FOMC.”
“98.0 offers some resistance for DXY, but beyond that, it’s blue sky into 100.”
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