US Dollar can recover if Powell delivers a broadly hawkish message – ING DollarIndex Fed Banks
est and push back against easing financial conditions. This could take some pressure off the Dollar, but downside risks remain quite high.will want to deliver some sort of ‘rate protest’, essentially pushing back against the recent easing in financial conditions. To do that, Powell will need to downplay the recent abatement in price pressure, stick to the view that the inflation battle is still to be won and ultimately try to re-anchor peak rate expectations to the 5.00% handle.
“We knew December would be a challenging month for Dollar bulls like ourselves, and downside risks remain significant today. Still, our base case is that the USD can recover some of the lost ground as Powell works his magic to deliver a broadly hawkish – and above all credible – message.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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