All eyes on the Fed and whether they reiterate their intention to raise rates in December
The Federal Reserve announce on Thursday morning our time, and while no movement on interest rates is expected at this meeting the market will be a keen observer of any balance sheet reduction and indication of their intentions for the December meeting. The market is still only pricing in a 46% chance of a December move, so any hawkishness could result in a fairly big move in the Greenback and yields. Recent hawkish tones from both the ECB and BoE should give the Fed comfort that any movement by them will be followed by the other majors. If Trump gets his offshore profit tax relief across the line, this is likely to be the bigger boon for the Greenback. That being said, if the Fed and the Trump administration continue to disappoint the Dollar will remain under pressure. The New Zealand election is expected to deliver a forth term for the National Party, but the Labour Party invigorated by new leader Jacinda Ardern is expected to run them pretty close and any polling headlines in the lead up could cause volatility in the NZD.
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