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- USD Index may find itself capped around 105.00 now – SocGen
USD Index may find itself capped around 105.00 now – SocGen
A mixed bag of US data has slowed the Dollar down. Kit Juckes, Chief Global FX Strategist at Société Générale, analyzes Greenback’s outlook.
DXY may be near a peak
2024 started with a steady stream of stronger-than-expected US data, but last week was, overall, more mixed.
Core CPI inflation held steady at 3.9% and core PPI inflation rose to 2% from 1.7%, but soft retail sales are the first demand-side data point to underwhelm this year. That’s helped EUR/USD hold above 1.0700 and prevented the Dollar Index from breaking 105.00, and dragged 2-year Note yields back down from a peak above 4.7%.
This week’s UAS data calendar is light with the Philadelphia non-manufacturing index, FOMC Minutes, Chicago Fed index, claims and existing home sales due. That tends to argue for rangey rates, which suggests DXY may find itself capped around 105.00 now.
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