FX According to economists at ING, the US Dollar Index will edge downward toward 102 as markets continue to trade with cautious optimism.
We expect momentum to remain against the Dollar and favor activity/commodity currencies as long as neither Powell's comments nor the NFIB leads to a break in the narrative of a more relaxed Fed (and Thursday's US CPI will also be key to the story).
In view of investors' investment in non-USD assets, DXY appears biased towards 102.00.
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