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- USD Index could sink back to the 104.00/10 area this week – ING
USD Index could sink back to the 104.00/10 area this week – ING
US Dollar stays on the defensive amid a cautious start to the week. Economists at ING believe that DXY could dip back to the 104.00/10 zone.
US data unlikely to provide much support to US bond yields
“On the one hand, the ECB wants tighter monetary conditions – including a stronger Euro. On the other, the Federal Reserve is not done with its tightening cycle and a global slowdown typically is not a good story for a pro-cyclical currency like the Euro. Events this week look unlikely to break new ground on this story.”
“In the US, we will see a variety of housing data (all expected to be soft), some consumer confidence data and on Friday the PCE personal income, spending and price data. None of this looks likely to provide much support to US bond yields, where the 10-year Treasury is hanging onto the 3.50% area by its fingernails. This all tends to suggest that DXY risks sinking back to the 104.00/104.10 area this week.”
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