USD Index to explore levels last seen in November 2022 beyond the 105.85 March high – ING

The dovish ECB hike and another round of strong US activity data sent the Dollar on another rally on Thursday. Economists at ING analyze Greenback’s outlook.

Risks remain skewed towards further strengthening in the near term

The next resistance for DXY is the 105.85 March high: beyond that, it would explore levels last seen in November 2022.

The Dollar may correct a bit lower today, but the risks remain skewed towards further strengthening in the near term, or at least until the US activity picture starts to show some cracks.