USD Index to continue trading in the middle of a 105.35-107.35 range – ING
The Dollar continues to trade on the firm side. Economists at ING analyze USD outlook.
Steady near the highs
For today, the US calendar contains the third-quarter Employment Cost Index (ECI). Consensus expects a modest 1.0% quarter-on-quarter. Any upside surprise would add to the Fed's current hawkish stance and the higher-for-longer narrative – a Dollar positive.
We will also see the Conference Board's measure of consumer confidence for October. This is expected to dip as presumably higher interest rates and the repaying of student loans start to weigh. Let's see whether investors want to laser-focus on consumer data since this community has driven the incredible third-quarter GDP figures.
Expect DXY to continue trading in the middle of a 105.35-107.35 range – with upside risks from the ECI data and downside risks from the confidence data.
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