The week has started on a rather quiet tone across most asset classes. Economists at ING discuss the USD outlook.

Low likelihood of a dovish turn by Fed Chair Jerome Powell at his Sintra speech

The Conference Board consumer confidence data today will be the highlight of the day, although some focus will also be on May’s Durable goods orders and new home sales, and on June’s Richmond Fed Manufacturing index. Consensus expectations point to a relatively firm set of numbers, and we see no reasons to strongly disagree. 

Considering the low likelihood of a dovish turn by Fed Chair Jerome Powell at his Sintra speech tomorrow, an acceleration in the Dollar decline does not seem very likely.