USD INDEX COULD TRADE OUT SOMETHING LIKE A 103.00-104.00 RANGE – ING
The Dollar looks to be trading in a supported fashion. Economists at ING analyze USD outlook.
Dollar can stay supported
For the Dollar this week, our macro team forecasts above-consensus fourth quarter GDP on Thursday. Decent fourth quarter US GDP data could see US interest rates back up a little further, keeping the Dollar supported.
We would say it looks like a range-bound week for the Dollar where DXY could trade out something like a 103.00-104.00 range. That will continue to see the market interested in carry, and we note that the Turkish Lira and the Indian Rupee have still managed to deliver year-to-date total positive returns against the Dollar – in a broadly bid USD environment.
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