SINGAPORE, March 22 ― The dollar was pinned near five-week lows today ahead of the conclusion of the US Federal Reserve's policy meeting, with investors awaiting clarity...
SINGAPORE, March 22 ― The dollar was pinned near five-week lows today ahead of the conclusion of the US Federal Reserve's policy meeting, with investors awaiting clarity on the path the central bank is likely to take in the wake of global banking turmoil.
Markets are now pricing in about a 15 per cent chance of the Fed not increasing rates, with a roughly 85 per cent chance of a 25 basis point hike, showed the CME FedWatch tool. Just a month earlier, the market was pricing in a 24 per cent chance of a 50 basis point hike. “It might be early days, but the price action over the past 48 hours is certainly signalling a change in mood by investors.”
Christopher Wong, currency strategist at OCBC, said the focus will be on how the Fed communicates its forward guidance, in particular “the higher for longer” rhetoric.
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