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Dec 01 - 02:55 PM

USD: Over-Reaction - ING

By eFXdata  —  Dec 01 - 02:30 PM

ING Research sees a scope for the USD to regain some lost ground in the near-term.

"The dollar came off sharply late yesterday on comments from Federal Reserve Chairman Jerome Powell which signalled that December would probably be the occasion to shift to a slower pace of rate hikes. The market has been expecting the shift to a 50bp versus 75bp rate hike for a while, although it felt the need to price the terminal rate next summer some 10bp lower at 4.90%," ING notes. 

"Indeed, US yields came off quite a sharp 20bp across the curve. We are tempted to say that looks an over-reaction in that while Chair Powell did acknowledge the slowing in the pace of hikes, his core message was one of stubbornly high core inflation – particularly in the core services ex-housing category," ING adds. 

Source:
ING Research/Market Commentary

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