USD INDEX CAN PROBABLY GRIND ITS WAY BACK TO THE 107.35 HIGH – ING
The Dollar remains well bid as markets nervously monitor developments in the Middle East. Economists at ING analyze Greenback’s outlook.
Dollar in demand
Were it not for the geopolitical situation, we would have been warning that the Dollar could correct a little lower this week on the prospect of softer US consumption data and seemingly a new path for Fed communication that tighter US financial conditions mean less need for tightening.
However, uncertainty in the Middle East and higher energy prices will see investors continue to back the energy-independent Dollar for the time being.
DXY can probably grind its way back to the 107.35 high.
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