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Free AccessUSD Index Weakens 0.6%, Fed Less Certain On Future Tightening
- The USD index weakened ahead of the FOMC rate decision on Wednesday and received another jolt lower as the Fed statement signalled less certainty on future tightening of policy. Despite leaving the door open to more increases, the Fed’s language affirms a meeting-by-meeting approach.
- Despite the initial blip lower which stretched the DXY’s decline to around 0.85%, the index pared those extended losses as the press conference approached. Approaching the APAC crossover, the USD index sits with around 0.6% losses.
- USDJPY traded as low as 134.84 but quickly traded back to levels around 135.50 throughout the press conference. The pair has slipped lower in most recent trade confirming the Japanese Yen as the best performer in G10 on Wednesday. The move lower for USDJPY is a correction following the steep rally witnessed following the Bank of Japan last week. Of note, USDJPY traded within 14 pips of the 2023 highs (137.91) on Tuesday which remains the key resistance for the pair.
- In similar vein, the Swiss Franc also shone, as growth concerns remain the key driver, with bank stability still a background concern, keeping major equity indices at depressed levels.
- CAD trades broadly unchanged on the session, once again underperforming amid the ongoing rout for oil futures where Front-month WTI receded another 4.5%, briefly printing below the $68 mark.
- On Thursday, markets turn their focus to the ECB, who is set to hike its key policy rates by 25bp on May 4, with latest inflation and banking sector data diminishing the case for 50bp.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.