US Dollar Index should find support around the 101.00/101.50 area – ING

The dollar appears to have found some support on the last day of May. The US Dollar Index (DXY) is rising 0.3% at 101.70 and economists at ING expect DXY to find its footing above the 101.00/50 region.

DXY to push back to early May highs later in the summer

“We expect the dollar later in the summer to push back to the highs seen in early May.”

“For today, we should probably brace for a sharp drop in US conference board consumer confidence for May – which may stress-test the short-run stability of the dollar.” 

“DXY should find support around the 101.00/101.50 area.”