DXY to trade in something like a 104.00-104.85 range for the short term – ING

The Dollar continues to claw back some of Tuesday's losses. Economists at ING analyze USD outlook.

Government shutdown averted

US October Retail Sales suggested that the consumer is still spending. Also helping has been the Senate's support of a stop-gap funding bill that kicks the risk of a government shutdown into 2024. 

Expect more rangy price action in FX markets today, with focus on the weekly jobless claims data and industrial production. Any spike in jobless claims could hit the Dollar. We also have a few Fed speakers today – most from the hawkish end of the spectrum.

Look for DXY to trade in something like a 104.00-104.85 range for the short term.