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Oct 13 - 10:55 AM

USD: FOMC Minutes To Taper; What's The Trade? - Credit Agricole

By eFXdata  —  Oct 13 - 09:35 AM

Credit Agricole CIB Research discusses its expectations for today's FOMC minutes and likes staying long USD/JPY for a move towards 115.

"Today’s FOMC minutes release could confirm that a November taper announcement may be hard to resist for the Fed but also that there were discussions of the potential impact from further tightening of the US and global financial conditions. We further believe that, following the rather mixed US jobs report for September and the delay rather than the resolution of the US debt ceiling issue, the Fed could ultimately opt for a more gradual start to QE taper," CACIB notes. 

"In our view, this could continues to boost global demand for FX carry trades, and this could see more USD buying and JPY selling," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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