US DOLLAR IS MORE AT RISK OF A REBOUND THAN A FURTHER CORRECTION FROM THESE LEVELS – ING
In the United States (US), rate expectations are still disjointed from data. Economists at ING analyze Dollar’s outlook as investors are waiting on central bankers to shake data-resistant markets.
USD may stay rangebound
Investors have cemented Fed easing expectations despite some hotter-than-expected US data.
We suspect a market reluctant to price out rate cuts will need strong words from the Fed – perhaps Fed Chief Jerome Powell himself – to reconnect rate expectations with data.
We think the Dollar is more at risk of a rebound than a further correction from these levels, although the chances of another rangebound trading week in FX (DXY still hovering in the 102/103 region) are high.
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