US Dollar Index can push on to 100.80/101.00 as high CPI to support hawkish Fed – ING

FXStreet Insights Team FXStreet

All eyes today are on the US March CPI reading, expected to hit a new cycle high at 8.4% year-on-year. A number in that vicinity should maintain aggressive Fed tightening expectations and keep the dollar supported across the board, economists at ING report.

High CPI to support aggressive Fed

“Consensus expects today's US March CPI release to push up to a new cycle high of 8.4% year-on-year and core rising to 6.6% YoY. Although it seems extreme, this kind of number should support market expectations that the Fed will take the policy rate towards the 2.50% area by year-end.”

“DXY is now nudging above the 100 area and we see no reason why it cannot continue to push on to 100.80/101.00. Equally, USD/JPY has broken clear of the 125.00 area and gains could accelerate on a technical break of 125.85 – the high in 2015.”

See – US CPI Preview: Forecasts from 12 major banks, another lurch forward

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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