USD Index: Bullish narrative remains in place, but watch for the mid-terms – ING DollarIndex CPI US Elections Banks
“Macro factors continue to favour dollar strength and the corrections are mostly related to position-squeezing events. We, therefore, expect a re-appreciation of the dollar in the near term, although there are two major risk events to watch this week in the US: the CPI report and mid-term elections.”
“When it comes to the US mid-term elections, the bigger downside risk for the dollar is that the Republicans secure control of both the House and the Senate, which would imply a hamstrung administration unable to deliver fiscal support in a downturn. A split Congress may be mostly priced in, and the implications for the dollar could be relatively limited.”
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