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Latest news from #SaxoStrats
FX Update: The Fed has kicked off a tightening cycle.
While the signals from the FOMC meeting last night were in some way mild, the strong market reaction suggests that the market was overinvested in the Fed position that inflation would prove transitory. That suggests that we could get a larger repositioning that continues to take the US dollar higher for now. Elsewhere, watching whether small signs of JPY resilience are worth noting in the crosses.
What next for gold after hefty reaction to FOMC meeting
Gold suffered its biggest drop in five months yesterday after the FOMC signaled it would speed up its expected pace of policy tightening. Being the most interest rate and dollar sensitive commodity the yellow metal suffered as the dollar and US real yields both reached two-month highs. Looking ahead continued dollar strength will pose a challenge while gold should be able to withstand rising yields as long it is driven by rising inflation expectations.
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