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USD struggled for direction after largely.....>

FOREX
FOREX: USD struggled for direction after largely recouping losses stemming from
the removal of the word "accommodative" from the Fed's latest MonPol statement,
as Chair Powell went to great lengths to explain that not much has changed. It
didn't take long for Trump to lament the Fed's latest hike, stressing that he is
a "low interest rate person."
- The RBNZ made wholesale changes to the statement that accompanied its decision
to leave the OCR unch., but reiterated that the next move the OCR could be up or
down & that its economic assessment was "little changed" vs. August. The lack of
rhetoric re: low biz conf & Trump's comments provided the NZD/USD with a brief
boost, before it eased back below its 50-DMA.
- GBP was pressured by the latest Brexit headlines, while CAD suffered from
NAFTA stories. In the local FX space sources highlighted exporters weighing on
USD/KRW into month-/quarter-end, while North Asian names were buyers of USD/CNH.
- Highlights Thursday include U.S. durable goods & GDP, German CPI, Fed's Powell
& Kaplan, ECB's Draghi, Praet & Lane as well as BoE's Carney & Haldane, with the
Italian draft budget also due.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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