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- US Dollar Index to pause for breath just in front of 100 – Westpac
US Dollar Index to pause for breath just in front of 100 – Westpac
The US Dollar Index (DXY) is down 0.3% below 99.00 as takes a breather ahead of the 100 level. Nonetheless, DXY is unlikely to extend its losses below the 97.50 mark, economists at Westpac report.
DXY weakness unlikely to extend beyond the mid-97s
“Looks like it wants to pause for breath just in front of 100, but the ongoing Russia-Ukraine war, renewed questions about China recovery momentum amid fresh lockdowns and a hawkish Fed should keep DXY bid this week.”
“The Fed will stay the course despite Ukraine uncertainty, with a +25bp hike (and couple hawkish dissenters), a revised dot plot showing 5-6 hikes this year and hawkish messaging.”
“DXY weakness likely does not extend beyond the mid-97s, 100+ looks more likely than not in coming weeks.”
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