USD Index eyes a 106.00-107.20 trading range today – ING

On Tuesday, escalating geopolitical tensions helped the US Dollar Index to erase the majority of its daily losses. Economists at ING expect the DXY to move between a 106.00-107.20 range for the day ahead.

On the calendar today are US Retail Sales and Industrial Production

“Beyond geopolitics today, the focus will be on US Retail Sales and industrial production data. Both should be reasonably strong, but less market-moving than price data.” 

“For the DXY today, we did note that the Dollar seemed to find a little natural buying interest after the PPI data, but before the Polish news broke. That might tend to favour a 106.00-107.20 DXY trading range today.”

“In terms of the bigger picture, the question is whether 105 is a large enough correction for DXY.”

See – US Retail Sales Preview: Forecasts from seven major banks, big boost in October