USD Index could edge towards the top of a 104.50-105.00 short-term range – ING

The Dollar softened a little on Monday. Economists at ING analyze Greenback’s outlook.

Focusing on OPEC production figures and the NFIB survey today

We should expect a quiet session ahead of Wednesday’s August US CPI release, where we warn of upside risks to the core number. 

Before that, however, we are focusing on two releases today. The first is the August NFIB small business optimism release, where we will look for any signs of easing in the US jobs market – especially on compensation. The second is the release of OPEC's Oil monthly report, where we could see lower oil August production numbers for OPEC. That could put Brent Crude prices even higher and tend to favour the Dollar against the Euro and the Yen again. 

For that reason, we could see DXY edging towards the top of a 104.50-105.00 short-term range.