USD Index to hover around 102.00 into Friday’s US NFP report – ING
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Despite another sharp drop in US short-dated yields yesterday, the Dollar actually rallied. Economists at ING expect the US Dollar Index (DXY) to hover around 102.00 today.
“Another big drop in short-dated US yields yesterday did not carry the Dollar to a new low. Either short Dollar positioning is too heavy or – as we like to think – investors feel it is too early to default to a ‘buy risk, sell Dollars’ mentality given what could be further skeletons in the banking closet.”
“Any sharp rise in initial jobless claims could slightly soften the dollar today, plus we will be watching for comments from Fed’s James Bullard. Does the Fed need to hike one last time in May?”
“DXY to hover around 102.00 into tomorrow’s US March jobs report.”
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