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Next week’s FOMC to be USD positive - Westpac

FXStreet (Barcelona) - Richard Franulovich of Westpac, remain bullish for USD, expecting growth differential and the expected drop of ‘patience’ in next week’s FOMC meeting to boost dollar’s strength.

Key Quotes

“Global forces continue to conspire in the USD’s favour, the latest vignettes in recent days playing to the USD’s advantage including weaker China activity data, a strong US Feb payrolls, a plunge in German 10yr yields to an eye watering 20bp and renewed weakness in commodity prices (though that may be as much a reflection of USD gains).”

“A look back at USD price action going into past Fed tightening cycles suggests USD consistently gains further ground into the first hike but thereafter consolidation is the order of the day.”

“We stick with a bullish outlook as policy and growth differentials between the US on the one side and China, Japan and the Eurozone on the other side continue to break in the USD’s favour.”

“Next week’s FOMC meeting likely to play USD positive with the Fed likely to drop “patience” from their lexicon and June Fed lift off odds likely to firm further.”

United States Import Price Index (MoM) came in at 0.4%, above expectations (0.2%) in February

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US Advance Retail Sales declined in February

The official data released in the US today showed the advance retail sales fell 0.6% in February, compared to the 0.8% fall registered in January. Economists were expecting a 0.3% rise in the retail sales.
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