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    The ingredients for more rangebound trading are all there – ING

    Source Fxstreet
    Feb 20, 2024 09:29

    US markets re-open today after an uneventful Monday for global markets. Economists at ING markets’ outlook.

    Markets unimpressed with China's rate cut

    The US calendar is unlikely to be a big driver today. China is once again the focus as banks reduced their five-year loan prime rates by a record 25 bps to 3.95% overnight, the first move of this kind since June. This kind of monetary easing has a generally higher impact on the property market, but once again markets have shown little enthusiasm.

    We favour a strong Dollar in the near term as US data remains supportive, but this looks increasingly to be the perfect recipe for range-bound trading.

    In DXY terms, 104.00/105.00 may hold as a range in the short run.

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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