US Dollar Index can still reach 110.00 by the end of the week – ING

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Amid an abundance of rather dismal PMIs in major Western economies, the dollar suffered a correction on Tuesday. Economists at ING think the post-PMI dollar correction may be fully reversed today.

“We are not surprised to see the post-PMI FX moves being quite short-lived, as the macro picture and solidly hawkish expectations ahead of Jackson Hole should keep the dollar broadly in demand.

“The quintessential lack of attractive alternatives – especially in Europe – means that DXY can still reach 110.00 by the end of the week if Fed Chair Jerome Powell sounds convincing enough in sticking to his hawkish message on Friday.”

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