Little for Dollar bears as USD deposit rates now a very reach 5.00% – ING
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Given USD overnight rates now at 5%, shorting Dollars is an expensive proposition, economists at ING report.
“For today, we will see revisions to first quarter US GDP and the weekly initial claims data. With overnight USD deposit rates now a very dear 5.00%, the burden of proof for Dollar bears will have to be very high – and there is not just enough of it at present.”
“Above 104.00/104.20, there is an outside risk that DXY needs to trade all the way back to the 105.88 high seen in early March.”
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