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- It should be a good week for the Dollar – ING
It should be a good week for the Dollar – ING
US data this week should offer nothing to Dollar bears, economists at ING report.
Positioning is probably the biggest headwind to the Dollar
US GDP should come in at over 4% and the Fed's preferred measure of inflation should still be running hot.
DXY should continue to consolidate in a narrow 106.00-106.50 range, but we can imagine that protective stops are building on long DXY positions in the 105.55/105.75 area.
Perhaps the most likely scenario for a lower Dollar is one where equities fall so hard that the short-end of the US curve is re-priced lower and crowded long Dollar positions get scaled back.
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