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10 Apr 2013
Forex: USD to benefit from less-dovish FOMC minutes - DailyFX
FXstreet.com (Córdoba) - The greenback struggled to hold its ground on Tuesday, but according to David Song, Currency Analyst at DailyFX, "the weakness is likely to be short-lived as the Federal Reserve strikes an improved outlook for the world's largest economy".
In the analyst's view, the FOMC Minutes highlights the biggest event risk for the next 24-hours of trading, "and the fresh batch of central bank rhetoric may increase the appeal of the reserve currency as a growing number of Fed officials show a greater willingness to adjust the asset purchase program", he says.
"As the economic recovery gradually gathers pace, we should see the FOMC slowly move away from its easing cycle, and the shift in the policy outlook should prop up the greenback over the near to medium-term as the central bank drops its dovish tone for monetary policy", Song concludes.
In the analyst's view, the FOMC Minutes highlights the biggest event risk for the next 24-hours of trading, "and the fresh batch of central bank rhetoric may increase the appeal of the reserve currency as a growing number of Fed officials show a greater willingness to adjust the asset purchase program", he says.
"As the economic recovery gradually gathers pace, we should see the FOMC slowly move away from its easing cycle, and the shift in the policy outlook should prop up the greenback over the near to medium-term as the central bank drops its dovish tone for monetary policy", Song concludes.