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- USD Index: Dusting off calls for a move to the 107.20 area – ING
USD Index: Dusting off calls for a move to the 107.20 area – ING
The Dollar continues its grind higher. Economists at ING analyze Greenback’s outlook.
Higher US yields may push USD/JPY close to 150
The continued rise in US yields is making for a less benign environment and favours risk reduction. Whilst higher US yields may push USD/JPY close to 150, they also increase the risk of an equity setback. That is why we think an instrument like the one-month USD/JPY downside risk reversal may be too conservatively priced.
And in general, we would say commodity currencies remain vulnerable, especially those like the South African Rand and Latam currencies – this latter group were hit hard during the early August sell-off in Treasuries.
DXY can probably stay bid through this if activity currencies come under pressure and technical analysts will be dusting off calls for a move to the 107.20 area.
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