Dollar could go into next week’s Fed meeting on the offered side – ING

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Trade-weighted measures of the Dollar continue to edge lower. Dollar can stay offered, in the opinion of economists at ING.

“Notable yesterday was the dollar selling off after the Bank of Canada said it was ready to pause/end its tightening cycle. Some in the market could be thinking the Fed is of a similar mindset. At the margin that suggests the Dollar could go into next week’s Fed meeting on the offered side.”

“We are not sure that DXY is ready to break below support at 101.30 just yet. And we see next week’s FOMC meeting as an upside risk to the Dollar. But for the time being, expect DXY to stay offered in a 101.30-102.00 range.”

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