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US: Repercussions of Fed lift-off - NAB

FXStreet (Delhi) - Tony Kelly, Senior Economist at NAB, suggests that a Fed hike would be no surprise to financial markets and this should mean the impact of rate hike itself is limited, given the forward looking nature of financial markets.

Key Quotes

“However, what the Fed signals about the future direction of monetary policy could have an impact. We expect the Fed tightening cycle to be very gradual and rates to peak at a much lower level than in previous cycles.”

“The widespread expectation of Fed tightening means that U.S. financial conditions have already tightened. This is most clearly reflected in the strong USD. As a result the economy is already experiencing the impact of tighter monetary policy ahead of the formal announcement.”

“Our view is that the U.S. economy is solid enough to accommodate monetary tightening.”

“The major risk is that this assessment is not correct, and that tightening represents a policy mistake by the Fed. There are also implementation risks and the risk of disruptions to vulnerable emerging market economies.”

Antipodeans drop in Asia on weaker oil, a host of US data eyed

Broad based US dollar strength remained the underlying theme in a data-quiet Asian session, with the USD/JPY pair extending gains beyond 122 handle. While the Antipodean currencies halted their upbeat momentum and fell into the red zone, mainly due to the ongoing weakness in oil prices.
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Russia: CBR undecided on its decision - TDS

Research Team at TDS, suggests that it is a coin toss whether the CBR keeps its Key Rate on hold at 11.00% or whether it cuts by -50 bps.
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