Dollar Seen at Near-Term Peak

The dollar is unlikely to strengthen much from now, Spartan’s Peter Cardillo says, as markets expect the Fed to start cutting interest rates in the next few months. The ICE’s DXY dollar index is slightly down, at 104, even as Treasury yields rise and Fed minutes sound hawkish. “The dollar index is at a near-term peak,” Cardillo says. He thinks the DXY could still rise, but not much. “I don’t expect it to go much beyond 105.” Cardillo says upcoming data are unlikely to have a big impact on the dollar, unless there are major surprises. The greenback is slightly weaker versus the euro and the pound, while strengthening 0.1% versus the yen.