A strong US GDP figure could further strengthen the Dollar – ING

Market news

26 October 2023

A strong US GDP figure could further strengthen the Dollar – ING

The past 24 hours have seen a further strengthening of the Dollar. Economists at ING analyze Greenback’s outlook.

Dollar is at risk of some technical corrections

Third-quarter advanced GDP figures are released and should come in strong, with the consensus centred around 4.5% quarter-on-quarter annualised growth. A strong US GDP figure could further strengthen the Dollar.

The Dollar retains the negatives of an overbought currency and is therefore at risk of some technical corrections, but the growth and rate fundamentals are building a stronger floor for the USD.

We see a greater risk that Japanese Yen interventions drag the Dollar lower if anything.

See – US GDP Preview: Forecasts from 10 major banks, surging economic activity

EUR/GBP refreshes three-day high above 0.8700 ahead of ECB policy

South Africa Producer Price Index (MoM) came in at 1.5%, above expectations (1.1%) in September

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