- Dollar can drift lower, with DXY heading back down to 105.00 – ING
Market news
9 November 2023
Dollar can drift lower, with DXY heading back down to 105.00 – ING
US rates remain at recent lows and there has been no concerted pushback from the Federal Reserve. Therefore, the US Dollar could soften further, economists at ING report.
Buying into the US slowdown
We had been expecting more of a Fed pushback against this drop in US rates, but Fed speakers seem quite equivocal. This has left US rates at the lows and investors seemingly starting to buy into the US slowdown – a mild Dollar negative.
In terms of data, the focus will again be on the weekly jobless and continued claims numbers, where any spike could hit the Dollar - hinting at signs that the US labour market is finally turning.
We have a mild preference today that the Dollar can drift lower, with DXY heading back down to 105.00.
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