The rebound in the US Dollar on Thursday was not at all a surprise, economists at ING say. They analyze Greenback’s outlook.
Data dependency may well resonate louder than forward guidance
Data dependency may well resonate louder than forward guidance next week, and the recent strength in US data will hardly encourage aggressive Dollar selling, regardless of Powell's relative optimism.
DXY is now at 103.40 and we see no strong reasons why it should not go back to 104.00 before the Fed meeting. That is, again, purely on the back of pre-existing rate fundamentals, and does not require particularly hawkish expectations for the FOMC announcement.
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