US Dollar Index: Trend towards testing the March 2020 high near 103 remains intact – ING
|FX markets are calmer today after Monday's wild ride. For today, economists at ING are set to look out for US consumer confidence data and what it means for the Federal Reserve. They think the US Dollar Index (DXY) is poised to reach the 103 level.
Volatility on the rise
“More freely floating renminbi plus the steady withdrawal of central bank liquidity over coming months and quarters warn that FX volatility will only rise further.”
“For today, we are interested to see whether US data like consumer confidence has any impact on Fed expectations. Will today's release of April Conference Board consumer confidence have any impact on the pricing of the Fed cycle? We suspect not.
“DXY may now be due some consolidation in the 101-102 area, but the trend towards testing the March 2020 high near 103 remains intact. “
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