US Dollar Index to test 107 on a break past 104 – Westpac

The US Dollar Index (DXY) is finally forging ahead in more decisive fashion. Economists at Westpac expect DXY to stay bid for some weeks, with potential to reach 107 – a level last seen in 2002.

DXY should stay bid

“DXY should stay bid for sometime yet as Eurozone and China growth expectations are marked lower, while the Fed remains resolutely hawkish.” 

“DXY likely tests 104+ into next week’s FOMC, a break of that level opening the door to a test of 107, last seen in 2002.”