DXY: A relief rebound after a bad week – DBS
Source Fxstreet
The Dollar Index (DXY) consolidates near the top end of its three-week range (100.5 and 101.9), DBS FX strategist Philip Wee notes.
DXY is near the top of a three-week range
“DXY may consolidate following a two-day rebound near the top end of its three-week range (100.5 and 101.9).”
“The US Treasury 2Y yield rose by 2.3 bps to 3.67% after four consecutive sessions of declines. Overnight, the Dow, S&P 500, and Nasdaq Composite indices each gained 1.2%, stabilizing after their worst weekly sell-off this year.”
“The futures market believes that the Fed needs to act more forcefully with a 50-bps cut at next week’s FOMC meeting to counter US recession fears tied to a cooling labour market.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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The US President Donald Trump administration said that Trump will swear in Kevin Warsh as the chair of the US Federal Reserve (Fed) on Friday at the White House, Reuters reported on Thursday.
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