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- The threat to the Dollar this week stems more from Asia than Europe – ING
The threat to the Dollar this week stems more from Asia than Europe – ING
The Dollar continues to trade on the strong side. This week, economists at ING expect the threat to the Dollar to stem more heavily from Asia than Europe.
Strong Dollar could be challenged by Asia this week
We expect the Dollar to hold gains unless the Fed feels the need to emphasise the tightening of financing conditions and drop its tightening bias. That seems premature. Equally, unless Friday's jobs report dramatically misses estimates, the Dollar should stay bid.
Tuesday sees an important BoJ policy meeting, where we think the risks of a policy adjustment and a softer USD/JPY are under-priced. China also releases PMI data mid-week. Europe looks less of a threat to the Dollar given what should be a run of soft/recessionary GDP data and lower inflation this week.
DXY sits in the middle of its 105.35 to 107.35 range and should probably trade to the strong side unless some of the above event risks come to pass.
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