30 Apr 2015
USD consolidation likely into NFP – InvestingBetter
FXStreet (Barcelona) - The FOMC statement was more dovish than March and hence USD consolidation might be on the cards into the Non-farm payrolls data to be released next week, according to Alpesh Patel of InvestingBetter.
Key Quotes
“The statement was more or less what we expected it to be, the central bank acknowledged the slowdown in the domestic economy especially in the labour market and spending metrics while the inflation remained below their targets.”
“So with the statement being a bit more dovish than before we believe that as we have claimed in the our previous analysis of this matter a rate hike in June is almost certainly off the table.”
“As a result of that the US Dollar posted further losses against its peers but not to an extravagant extent. We believe that this development with the Fed being more dovish but at the same time optimistic about renewed growth soon Dollar’s weakness will ease a bit and we will see a consolidation attempt up until the Non-Farm Payrolls report next Friday.”
Key Quotes
“The statement was more or less what we expected it to be, the central bank acknowledged the slowdown in the domestic economy especially in the labour market and spending metrics while the inflation remained below their targets.”
“So with the statement being a bit more dovish than before we believe that as we have claimed in the our previous analysis of this matter a rate hike in June is almost certainly off the table.”
“As a result of that the US Dollar posted further losses against its peers but not to an extravagant extent. We believe that this development with the Fed being more dovish but at the same time optimistic about renewed growth soon Dollar’s weakness will ease a bit and we will see a consolidation attempt up until the Non-Farm Payrolls report next Friday.”