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Splicing the Fed

Markets are in a holding pattern ahead of the Fed meeting this evening, where once again the focus will be on the statement. Recall last time, the wording was changed, removing the commitment to keep rates low for a ‘considerable’ period, but then going on to say that it can be ‘patient’ towards normalizing monetary policy and that this was ‘consistent with its previous statement’. This left markets somewhat confused and the dollar volatile and they may have this in mind when drafting this evening’s statement. Given what we’ve seen over recent week’s its difficult to see them sounding more hawkish this time around and if seen, this could allow for more upside correction on EURUSD towards the 1.15 area. The decision is due at 19:00 GMT.

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