A little early to chase the Dollar lower – ING

Market news

27 July 2023

A little early to chase the Dollar lower – ING

The Dollar tracked US yields and marginally softened after Wednesday's FOMC rate decision and press conference. Economists at ING analyze Greenback’s outlook.

DXY should trade within a 100.60-101.20 range

While the Dollar is a little lower today post-Fed, we would not chase the move just yet and prefer to take our cue from the data, starting with tomorrow's ECI. As we discussed in our FOMC review, the carry trade environment will still be popular and with overnight deposit rates at 5.25%, the Dollar is clearly not a funding currency.

Barring any hawkish surprise from the ECB today, DXY should trade within a 100.60-101.20 range.

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