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July 27, 2016
The US Dollar is marginally stronger heading into this afternoon’s FOMC meeting amid stronger global equities maintain and rising US Treasury yields. The Dollar Spot Index halted two days of losses to open the NorAm session +0.09% this morning. While the Fed is overwhelmingly expected to keep policy unchanged at today’s meeting, the statement will be closed watched for any hints as to future direction in policy. Fed fund futures are only pricing in 10% probability of a hike today, but odds of a hike by the end of the year have climbed to 49%. In Japan, Abe announced his plans for more than 28 trillion yen in economic stimulus of which 13 trillion yen is fiscal measures to mixed reaction. Some critics were quick to call the package “padding” adding that details of the stimulus, such as source of revenues and projected spending in real terms could incite doubt in markets. Japanese equities rallied 1.7% higher on the announcement while the Yen declined upwards of 0.80% against the USD.


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