DXY: The direction of travel remains towards 108 – ING

The US Dollar Index holds above 107.00. Economists at ING analyze DXY outlook.

Little reason to sell the Dollar at present

Today we will again hear from Fed hawk Michelle Bowman who earlier this week was calling for multiple further hikes. Today also sees the September ADP jobs report (a somewhat discredited release) and ISM Services data.

There seems little reason to sell the Dollar at present – perhaps only a shock drop in ISM services could weigh on the Dollar today. 

106.70 is now support for DXY and the direction of travel remains towards 108.

See – EUR/USD: The wait for a trend reversal is likely to continue – Commerzbank