US Dollar: There is no compelling bearish story for the next week or so – ING

The US Dollar (USD) is still on top across G10 and EM FX. Economists at ING analyze Greenback’s outlook.

Dollar can stay broadly supported into the 31 January FOMC

We think the Dollar can consolidate after the recent gains, continuing to draw some benefits from Christopher Waller’s remarks earlier this week, which may have led markets to favour defensive positions heading into the FOMC on 31 January. 

The only key data release in the US before then is the fourth quarter GDP figures next week, and barring major surprises there, there is no compelling bearish story for the next week or so.