US Dollar Index: Corrections probably hold the 109.00/109.25 area – ING
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The dollar has entered another consolidative phase – albeit very close to the highs of the year. Economists at ING expect the US Dollar Index to stay above the 109.00/25 area.
“Following Fed Chair Powell’s hawkish Jackson Hole speech a couple of weeks ago, the pricing of the Fed cycle has remained remarkably steady. The cycle is priced to peak around 3.90% next spring and soften to 3.60% by the end of the year. We suspect that year-end 2023 pricing of a cut still could be priced out as the Fed continues to emphasise that policy needs to be taken into restrictive territory and to be kept there for a while.”
“We are not looking for a significant reversal anytime soon and think corrections probably hold the 109.00/109.25 area.”
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