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FX SUMMARY- All eyes on Fed

FOREX
  • FX have generally stayed mixed in the early European session, as market participants awaits the US FOMC.
  • As per our MNI Fed preview:
  • The 2023 Fed funds rate dots in the SEP are likely to show further support for a hike, with a good chance the median rises. The outlook for "transitory" inflation will also be eyed in the projections.
  • The Fed is likely to hold off on tweaking the IOER and ON RRP rates (though prevailing analyst consensus is that this is a very close call).
  • Early action in G10s, was better buying interest of the British Pound, following the inflation beat.
  • Cable pushed higher to print a 1.4123 high, just short of small resistance at 1.4130, but the cross has now faded to trade back below 1.4100 at the time of typing.
  • Worst performers in G10s versus the USD, are the Scandis, with NOK down 0.32% and SEK 0.18%.
  • USDSEK tested yesterday's high at 8.3428, printed 8.3430 high so far today.
  • Above the latter eye the June high at 8.3619.
  • In USDNOK, yesterday's high is situated at 8.3500.
  • Nonetheless crosses are in fairly tight ranges on the margin, EURUSD in a 1.217 low, 1.2135 high, so far today.
  • Looking ahead, all eyes are of course on the US FOMC and presser.
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