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- USD Index to hold support levels around the 105 area – ING
USD Index to hold support levels around the 105 area – ING
The Dollar is around 1% lower across the board. Economists at ING expect the US Dollar Index (DXY) to find solid support around the 105 level.
Overreaction?
“The Dollar came off sharply late yesterday on comments from Federal Reserve Chairman Jerome Powell which signalled that December would probably be the occasion to shift to a slower pace of rate hikes.”.
“We are tempted to say that looks an overreaction in that while Chair Powell did acknowledge the slowing in the pace of hikes, his core message was one of stubbornly high core inflation, particularly in the core services ex-housing category.”
“On the day, the core PCE inflation data is the biggest input, and we prefer DXY to find support near 105.00.”
“Consensus expects October core PCE to decelerate to 0.3% month-on-month from 0.5%. Any upside surprise in today’s core PCE reading could see the Dollar reverse overnight losses.”
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