BNPP: FOMC Minutes might be USD supportive – eFXnews

FXStreet (Barcelona) - The eFXnews Team notes BNP Paribas views that today’s release of the FOMC Minutes might provide some support to USD, but any significant rebound will have to wait till the next payrolls is released.

Key Quotes

“The release of the minutes to the March FOMC meeting today may provide a bit more support to the USD.”

“Our economists note that most of the dovish elements of the March Fed meeting were associated with the accompanying Summary of Economic Projections, while the minutes themselves may focus more on the crafting of what was a relatively more hawkish statement.”

“Still, a complete recovery in USD upside momentum is probably going to have to wait at least until the next employment report, as USD bulls will want some reassurance that the March report was not the beginning of a more profound deterioration.”

“We continue to focus on USD longs vs. currencies where QE operations are underway, with eurozone and Japanese investor outflows likely to prevent significant strengthening vs. the USD.”

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