The Dollar Index (DXY) briefly traded above 108 on Friday, although this was primarily a euro rather than dollar-driven move, ING’s FX analyst Chris Turner notes.
The Dollar Index briefly traded above 108 on Friday,although this was primarily a euro rather than dollar-driven move, ING’s FX analyst Chris Turner notes. DXY can consolidate in a 106.50-107.50 range “Recall the euro has by far the largest weight in the DXY at 58%. The dollar trend is a little more settled and news over the weekend confirms that Scott Bessent has been picked as the next US Treasury Secretary.
” “Looking ahead in this US Thanksgiving-shortened week, the highlights of the US data calendar will be Tuesday's release of the Federal Reserve'sNovember FOMC minutes and Wednesday's release of the core PCE deflator for October. The latter is expected at a little sticky 0.3% month-on-month and will keep the market guessing over whether the Fed will cut in December after all. Currently the market prices 14bp of a 25bp rate cut.
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