US DOLLAR INDEX: 101 LOOKS THE NEAR-TERM TARGET – ING
The US Dollar Index (DXY) sold off 0.9% on Thursday and is down 2% on the week. Economists at ING analyze Greenback’s outlook.
Focus on The Fed's Williams' TV appearance
The market will want to hear confirmation that the Fed debate has moved on to the timing of the first rate cut. Fed centrist, John Williams, appears on CNBC today at 13:30 GMT. Expect him to be grilled on this very subject. It is hard to see the market pricing in more than the 150 bps of rate cuts it has already for 2024. Yet, should Williams mention rate cuts, we suspect the Dollar will stay on the soft side today.
In terms of local data, the market is expecting some decent US industrial production data for December and will assess any slowdown in the flash PMI readings for the month. 102.55/102.65 is now well-defined resistance and 101 looks the near-term target.
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