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After a brief bout of volatility, USD....>

FED/DOLLAR
FED/DOLLAR: After a brief bout of volatility, USD settles moderately lower
against most other G10 FX (most noticeably against the AUD, which convincingly
broke above a major down trendline) as markets interpret the Fed's removal of
'accommodative' from the statement as a dovish development: suggesting the Fed
are at/very near the neutral rate. Median dot plots for 2018, 2019 and 2020 are
unchanged.
-2s30s Treasury curve initially slightly steeper (although price action is
relatively contained), although reversal to pre-release levels in 10y futures
suggests little material has changed.
-Risk assets recover modestly, with S&P500 touching session highs and circa 10
points shy of record highs.
Attention turns to Fed's Powell's statement and Q&A session in 10 minutes time.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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