Economists at ING continue to see short-term upside potential for the US Dollar (USD).
DXY to return above the 103.00 mark by the end of this week
We think the Dollar has room to recover in the coming days. At the same time, we must admit that markets have displayed an asymmetrically dovish reaction function to US data, and today’s releases – February retail sales, PPI and jobless claims – can all add pressure to the Dollar should they print on the soft side.
Our call remains for a return of DXY above the 103.00 mark by the end of this week, with further short-term upside potential unless US data softens.
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