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Nov 02 - 09:55 AM

USD: Powell May Not Meet Market Expectations - MUFG

By eFXdata  —  Nov 02 - 08:59 AM

MUFG Research discusses its expectations for today's FOMC policy statement.

"Heading into this week the US dollar had its largest two-week sell-off since May, declining 2.3% on the back of a big rebound in risk assets which all point to the market expecting the FOMC this evening to give some clear guidance that it is ready to ease the pace of monetary tightening. While we do not see that as an unreasonable expectation at all and indeed, tonight will probably be the last 75bp rate hike of this cycle, we are not so sure the FOMC or Chair Powell will be willing to provide explicit guidance," MUFG notes. 

"Trading so far this week suggests that market participants are less sure as well with the US dollar rebounding and equities drifting lower. For all the talk of ‘pivot’ from the Fed this week, the 2-year UST bond yield is within 9bps of the cyclical closing high recorded on 20th October," MUFG adds. 

MUFG Research/Market Commentary


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