DXY gains through 103.50 should provide the USD with a little more lift broadly – Scotiabank

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23 January 2024

DXY gains through 103.50 should provide the USD with a little more lift broadly – Scotiabank

US Dollar Index (DXY) advances towards 103.50. Economists at Scotiabank analyze Greenback’s outlook.

The softer risk backdrop for markets may be extending the USD some support on the day

The softer risk backdrop for markets may be extending the USD some support on the day – and suggest limited scope for gains in the currencies overall.

Another quiet session for FX may be in store, with little in terms of data or event risk. DXY gains through 103.50 should provide the USD with a little more lift broadly from a technical point of view, however, and revive the January rally after the recent consolidation.

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