US Dollar Index: In the midst of a very powerful rally to 120 – ING

The US Dollar Index (DXY) is close to 115. Economists at ING note that there are no hurdles until the 120 mark.

The dollar continues to power ahead

“Whether it be US data surprising on the upside, the US Administration showing no concern at all with the strong dollar, or new chapters in the energy war in Europe, it looks like all systems are go for the dollar rally.”

“There is not much resistance until 120.” 

“Favour shallow consolidations and further gains in this powerful stage of the rally.”

“We doubt second-tier US data today, nor Fed speakers do much damage to the dollar.”