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- Dollar bears will get no joy from the Fed – ING
Dollar bears will get no joy from the Fed – ING
A hawkish hold from the Fed has seen the US yield curve shift 15 bps higher and the Dollar strengthen. Economists at ING analyze Greenback’s outlook.
DXY to grind up to 106
This hawkish hold may well keep the Dollar bid into October and it will have to be softer US activity data – particularly a rise in jobless claims or a decline in consumer confidence and retail sales – which will be required to soften up the Dollar. Dollar bears will get no joy from the Fed.
With US yields firm and US rate volatility sinking again, USD/JPY will be on the front line of this period of Dollar strength. Expect to hear more verbal intervention from Tokyo and we suspect the trigger will be pulled on the approach to 150.
Expect DXY to grind up to 106.
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