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- US Dollar Index to keep climbing towards the 100.00 level – ING
US Dollar Index to keep climbing towards the 100.00 level – ING
The US Dollar Index (DXY) has risen back above 99.00 at the start of this week, with the dollar moderately benefiting from aggressive market bets on multiple 50bp rate increases by the Federal Reserve. Economists at ING continue to see upside risks for the dollar.
Balance of risks for the dollar skewed to the upside
“The Fed’s openness to 50bp rate hikes has clearly freed up some significant space for dollar appreciation, and this space has been only marginally filled so far, so even if rate expectations don't have much further to run, FX should ultimately catch up with the move in rates and we continue to see the balance of risks for the dollar as skewed to the upside.”
“Data, like Fed speakers (John Williams and Patrick Harker will speak later), should play a secondary role in driving the dollar today, and we expect DXY to keep climbing towards the 100.00 mark.”
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