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Oct 29 - 12:55 PM

USD: How The USD Will Likely Trade Around The Most Important Fed Meeting Of The Year - Credit Agricole

By eFXdata  —  Oct 29 - 10:45 AM

Credit Agricole CIB Research discusses its expectations for the USD outlook around next week's FOMC policy meeting.

"Ahead of perhaps the most important Fed meeting of 2021, markets are expecting the FOMC to kick-start QE taper, offer guidance on its expected duration and, potentially, shed more light on the timing of the first rate hike...That said, we believe that it may be quite premature for the FOMC to offer detailed guidance on its tightening plans, not the least given that its current ‘dot plot’ does not envisage any 2022 hikes," CACIB notes. 

"Moreover, if the Fed continues to make a clear distinction between tapering and tightening, its message can be seen as somewhat more dovish relative to expectations and lead to profit-taking on stretched long USD positions. We further believe that next week’s US ISM data and non-farm payrolls for October would be overshadowed by the outcome of the Fed meeting," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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