USD Index: Sellers may be lining up at 103.50 now – ING

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The Dollar has extended its recent losses. Economists at ING analyze the US Dollar Index (DXY) outlook.

DXY has support around the 102.50 area

For today’s session, the focus will be on revisions to the 3Q23 US GDP data, which initially printed at 4.9% quarter-on-quarter annualised. A modest upward revision is expected.

DXY has fallen more quickly than we had been expecting but has support around the 102.50 area.

We suspect we could see a more consolidative environment today, but the threat of more Dollar losses on soft inflation data on Thursday warns that sellers may be lining up at 103.50 now.