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FOMC: 25bp hike coming, slow pace of future hikes in perspective - RBS

FXStreet (Delhi) – Brian Daingerfield, FX Trading Strategist at RBS, forecasts the FOMC to hike the target range for the Fed Funds rate by 25bp and anticipate the forecasts and language may be used to reinforce an extremely slow pace of tightening and a purely data-dependent outlook for the Fed Funds rate.

Key Quotes

“A result in line with our expectations would support the USD, in our view – monetary policy divergence remains a theme, even as all central banks feel the global dovish pressure of softening EM growth.”

“While the FOMC meeting understandably is the key event in the US, August housing starts and the Philadelphia Fed index for September are released in the US as well.”

Two-year treasury yield consolidates near 4-year high

The yield on the two-year Treasury note in the US is trading in the sideways manner around the four year high of 0.81% ahead of the FOMC rate decision due later today.
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USD/JPY resistance remains around 120.80 – OCBC

Emmanuel Ng, FX Strategist at OCBC Bank, sees the upside in the pair facing strong resistance in the 120.80 area so far...
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