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Dollar On The Charge

FOREX
  • The greenback rallied sharply on the back of FOMC decision, with markets immediately focusing on the median dot pointing to two hikes by the end of 2023. This was more hawkish than expected, with traders also eyeing the hike to the RRP rates and IOER, as well as 7 dots now favouring rate liftoff by end-2022, up from 4 previously.
  • The greenback surge unsurprisingly put most major pairs under pressure, with the likes of EUR/USD, GBP/USD and USD/JPY all breaking out of their recent ranges.
  • The USD Index rallied to touch new June highs, showing above the 100-dma in the process.
  • NOK was the G10 laggard, with the currency slipping ahead of Thursday's Norges Bank rate decision. The bank are expected to bring forward their projections for the first NB hike to September.
  • Focus Thursday turns to Australian jobs report, final Eurozone CPI data, weekly jobless claims data and the latest Philly Fed release. Rate decisions are due from the Swiss, Norwegian, Indonesian and Turkish central banks, all of which are expected to keep rates unchanged.
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