It’s been a busy week for the events calendar, but the dollar is ending the week towards the upper end of its range. This week’s US inflation data has been on the firmer side of expectations, notes Chris Turner, FX analyst at ING.
DXY may overcome resistance at 107.00
“This week’s US inflation data has been on the firmer side of expectations, although it now looks like next week’s release of the core CPI deflator will be a reasonable 0.2% month-over-month Overall, there hasn’t been much rebalancing of the Fed cycle this week, and we actually doubt that next week’s FOMC meeting will have much of an impact on the dollar either.”
“We can say ‘so far, so good’ for dollar bulls like us, where December’s seasonal weakness has so far left the dollar untouched. We don’t have much more to add here beyond what we presented in FX Talking this month and we cannot rule out that the DXY surpasses the resistance at 107.00 to 107.50 in calm markets.”
Source: Fx Street

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