USD Index eyes a 106.00-107.20 trading range today – ING
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On Tuesday, escalating geopolitical tensions helped the US Dollar Index to erase the majority of its daily losses. Economists at ING expect the DXY to move between a 106.00-107.20 range for the day ahead.
“Beyond geopolitics today, the focus will be on US Retail Sales and industrial production data. Both should be reasonably strong, but less market-moving than price data.”
“For the DXY today, we did note that the Dollar seemed to find a little natural buying interest after the PPI data, but before the Polish news broke. That might tend to favour a 106.00-107.20 DXY trading range today.”
“In terms of the bigger picture, the question is whether 105 is a large enough correction for DXY.”
See – US Retail Sales Preview: Forecasts from seven major banks, big boost in October
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