US Dollar Index may hit 110 by the end of the week – ING
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The dollar has remained well in demand at the start of this week. Economists at ING expect the US Dollar Index (DXY) to reach the 110 mark by the end of the week.
“Some price action in USD-crosses may end up being determined by any divergence in the surveys between the US and Europe, but the broad global macro picture that is currently supporting the dollar seems unlikely to be changed much from data at the moment.”
“Hawkish expectations heading into Fed Chair Jerome Powell’s speech on Friday at Jackson Hole should keep a fairly solid floor under the dollar for now, and probably pro-cyclical currencies (European FX in particular) on the back foot as the global risk environment remains choppy.”
“We may see 110 in DXY by the end of the week, and even at that level calling the dollar peak would prove risky.”
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