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USD retreats ahead of Fed Chair announcement

Posted on: November 02, 2017

The US Fed rate decision came and went yesterday with little fanfare. With no expectations of a rate move there were no surprises there, however the statement itself was left close to unchanged as well, with nothing to signal the market about December. Combined with a leak that Powell would indeed be the Fed Chair the USD lost ground into the close across its G10 counterparts. USDCAD continues to trade in a 1.2800 – 1.2920 and I would expect we remain in that range until employment numbers tomorrow unless we get some headline risk.

The big news this morning occurred across the pond, with the Bank of England following through with their interest rate hike. However, the statement that accompanied the move did everything it could to talk down any future hikes. Combined with a couple of dissenters and Cable is selling off this morning as Carney gets set to speak.

The market managed to suck the drama out of the Fed Chair nomination yesterday, as Jerome Powell was all but confirmed. There will still be some interest in the Vice Chair position and if Trump appoints Taylor to Vice Chair the USD might see a bit of a pop. US Yields have jockeyed sideways all week with no real surprises from the Fed, looking for confirmation in direction. With the Fed decision out of the way the focus should shift back to the tax reform bill being presented today and of course double employment numbers tomorrow.

For those of you that would like to have the ability to execute your FX needs after hours in the overnight sessions or would simply prefer to execute electronically and have not yet been introduced to our ATB FX Online Platform please contact the sales desk and someone will be happy to set you up with access.

  • Yesterday's NA 1.2855 - 1.2910
  • Asia 1.2826 - 1.2876
  • London 1.2824 - 1.2862

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