It is hard to fight against dollar strength – ING
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Weaker consumer sentiment is unlikely to blow the Fed off course. Therefore, economists at ING expect the strong dollar story to persist.
“Fed policy is designed to slow demand and that (orderly) weakness in equity markets and some softer consumer data (confidence and spending) are not enough to blow the Fed off its tightening course. This environment should keep the dollar bid.”
“Heavy positioning is probably the biggest challenge to a further dollar advance. Other than that it is hard to fight against dollar strength.”
“For today, look out for US Conference Board consumer confidence. Lower gasoline prices have consensus expecting a bounce here. But as above, we doubt even a softer number does much damage to the strong dollar story.”
“DXY probably finds demand under 108.50.”
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