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Nov 09 - 10:55 AM

USD: Fed Leadership Uncertainty Continues To Pose Risk Of Setback For USD - MUFG

By eFXdata  —  Nov 09 - 09:42 AM

MUFG Research discusses the USD outlook in light of the recent reports that the nomination of Fed Chair Powell for a second term is far from a done deal.

"The correction lower for the US dollar since the end of last week has been reinforced by reports overnight that Fed Governor Lael Brainard was interviewed for the position of Fed Chair when she visited the White house last week.... If Fed Governor Lael Brainard was put forward to be the next Fed Chair market participants are likely to at least initially anticipate a more dovish outlook for Fed policy," MUFG notes. 

"The building risk of a dovish outcome will encourage market participants to cut long US dollar positions," MUFG adds.

Source:
MUFG Research/Market Commentary

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