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FOREX
MNI (London)
FOREX: FOMC Wednesday opened the door for a hike at its December meeting,
upgraded economic activity from 'rising moderately' to 'rising at a solid rate'.
This provided a mild boost for the Usd but this was countered on press reports
into Asia that US Trump was favoring Jerome Powell as next Fed Chair (due to be
announced later today) Interestingly Fed Powell is due to speak today at
1230GMT. Asian markets reacted to the press report placing Usd under mild
pressure. However, Usd demand quickly emerged in late Asia and into Europe that
allowed for correction. Focus today on BOE MPC Super Thursday. Market expecting
Bank to hike interest rates by 25bp though more focus on comments regarding
future rate path. As mentioned, US Trump to announce the next Fed Chair (Powell
favored, seen following similar Fed Yellen interest rate policy, possibly with a
lighter touch on financial regulation), with House Republicans due to announce
their tax plan today. Late Europe morning and the Usd continues to trade with a
buoyant tone, though off best levels. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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