USD: Will This Be The Least Eventful Fed Meeting Of The Year?
eFXnews | Apr 28, 2015 02:35AM ET
With FOMC members still split on the timing of lift-off and US data not strong enough to justify a policy shift, chances are that the April statement will not deviate significantly from the March edition.
Investors have pared back Fed rate hike expectations already and we doubt that the statement will have any significant impact on USD. The US Q1 GDP will be released on 29 April as well, just ahead of the Fed statement. We are looking for an above-consensus print of 1.4% but recognise that there may be some downside risks given the disinvestment in the oil and mining sectors.
We further doubt that positive growth surprises will change the Fed’s assessment just yet.
While markets seem to have cut at least some of their significant USD-longs, there may be few fundamental triggers to reinvigorate the USD rally this week.
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