Richard Franulovich, Research Analyst at Westpac, suggests that a dovish Fed has upended the USD for the week and maybe the next few weeks, the Fed paying short shrift to numerous upside surprises on the economy since their last meeting as well as the easing up in financial conditions.
“But, given the continued firming in jobs and inflation data the odds are that Fed anxiety should diminish ahead of their mid-June meeting. The strong read for March Fed Empire new orders is a tentative but potentially important signal that the fever in manufacturing may be breaking. Our US data surprise index is still some distance from hitting peak levels that warn optimism is getting ahead of itself too. USD Index a buy into 94-95.”
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