21 Mar 2014
USD remains solid - BTMU
FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ, notes the USD is still strong post-FOMC.
Key Quotes
"The US dollar has remained stronger in the Asian trading session following the less dovish than expected updated Fed policy outlook, although it has lost some upward momentum with the US dollar index holding below resistance from its 55-day moving average at around 80.40. Building evidence that the US economy is rebounding after the weather-related slowdown over the winter months will likely be required to support further US dollar gains in the near-term."
"The release yesterday of the latest weekly initial claims report and Philly Fed survey for March both provided evidence that the US economy and labour market are likely to strengthen in March. Initial claims have declined to around 320k in March after averaging just over 335k in February signalling that US employment growth appears likely to have strengthened further in March. The Philly Fed survey also revealed that business confidence almost fully reversed its sharp decline recorded in February moving back into line it’s the long-term average."
Key Quotes
"The US dollar has remained stronger in the Asian trading session following the less dovish than expected updated Fed policy outlook, although it has lost some upward momentum with the US dollar index holding below resistance from its 55-day moving average at around 80.40. Building evidence that the US economy is rebounding after the weather-related slowdown over the winter months will likely be required to support further US dollar gains in the near-term."
"The release yesterday of the latest weekly initial claims report and Philly Fed survey for March both provided evidence that the US economy and labour market are likely to strengthen in March. Initial claims have declined to around 320k in March after averaging just over 335k in February signalling that US employment growth appears likely to have strengthened further in March. The Philly Fed survey also revealed that business confidence almost fully reversed its sharp decline recorded in February moving back into line it’s the long-term average."