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- USD vulnerable to a further correction lower in the near-term – MUFG
USD vulnerable to a further correction lower in the near-term – MUFG
The US dollar has continued to trade at weaker levels. Economists at MUFG Bank expect the greenback to extend its correction lower in anticipation of slowdown in pace of Fed hikes.
Fed officials considering delivering a smaller 50 bps hike
“While another 75 bps hike is still seen as a done deal at the next FOMC meeting on 2nd November, market participants are more hopeful now that the Fed will slow the pace of hikes at the final FOMC meeting of the year on 14th December.”
“The US rate market is currently pricing in just less than a 50:50 probability of another 75 bps hike in December. It follows the release at the end of last week of the WSJ report stating that Fed officials were considering delivering a smaller 50 bps hike. It leaves the US dollar vulnerable to a further correction lower in the near-term especially if the upcoming slowdown in the pace of hiking is confirmed by Fed speakers.”
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