The US Dollar Index (DXY) is consolidating Wednesday's gains near 103.80. Economists at ING expect DXY to edge higher towards the 104.10 mark.

Investors appreciate that tackling inflation is the number one priority of central banks

“The fact that expectations for Fed policy tightening remain intact is a sign that investors appreciate that tackling inflation is now the priority for central banks. This continues to favour the anti-cyclical dollar, but also now the Japanese yen.”

“DXY has seen a modest bull market correction this week, but can probably edge higher to 104.10 today.”