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Nov 23 - 12:55 PM

USD: The Coast Is Clear For Further USD Gains - MUFG

By eFXdata  —  Nov 23 - 10:45 AM

MUFG Research maintains a bullish bias on the USD into year-end.

"The main trigger for further US dollar gains was the announcement yesterday that President Biden has chosen to nominate Fed Chair Powell for a 2nd term. The decision removes one source of uncertainty for financial markets and favours policy continuity at the Fed. The risk of a potentially slower pace of policy normalization under a new Fed Chair such as Fed Governor Lael Brainard has been removed," MUFG notes. 

"Instead President Biden decided to nominate Lael Brainard for the position of Vice Chair of monetary policy. It still places her at the centre of Fed policymaking going forward. The nominations of Fed Chair Powell and Governor Brainard are likely to face relatively smooth confirmations in the Senate," MUFG adds. 

Source:
MUFG Research/Market Commentary

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