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FX outlook March 21-25: Hardy
The FOMC meeting was a dovish shocker, according to John Hardy, Saxo Bank's Head of FX trading. Hardy thinks that the main focus point this week will be if the US dollar selloff is going to follow through. He argues that it could be difficult to find arguments for buying JPY and EUR against the USD. Current Bank of Japan policy and market positioning does not create incentive to buy the Japanese yen. Meanwhile, the European Central Bank may have reached the end of the line in rate cuts and lacks a positive catalysts for the euro to strengthen. Hardy claims that attempts to deepen US weakness may fail and this would suggest a mean reversion and range trading.
01:59 minutes
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