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Jun 22 - 09:55 AM

USD: Fed Speaks May Help To Dampen USD Upward Momentum But Unlikely To Reverse It N-Term - MUFG

By eFXdata  —  Jun 22 - 08:57 AM

MUFG Research discusses its reaction to the latest comments from Fed's leadership.

"New York Fed President Williams, the first member of the fed leadership to speak since the hawkish policy shift, struck a more reassuring tone yesterday when he emphasized that “conditions have not progressed enough for the FOMC to shift its monetary policy stance”... The prepared text from Fed Chair Powell’s testimony has also been released overnight and strikes a similar reassuring tone. There was nothing in the prepared remarks regarding the start of QE tapering discussions and the shift in the dot plot indicating two median hikes in 2023," MUFG notes. 

"Overall, the comments may help to dampen the US dollar’s upward momentum but they are unlikely to be strong enough to reverse the upward trends for US short rates and the US dollar that are now in place," MUFG adds. 

Source:
MUFG Research/Market Commentary

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