We’ve had various Fed officials coming out overnight and telling us that ‘considerable time’ could be as little as 2 months! If part of a central bankers job is to prepare the market for certain policy changes through the use of clear language, then this present board is failing miserably on that score.
The USD has understandably bounced back strongly after these clarifications, which is what they were as we’ve had 3 separate board members on the newswires. As to what happens next? I’m probably the wrong person to ask but the FX market spends 98% of its lifespan ranging across different time-frames, so best we go back to picking range edges.
I can say TGIF with particular vengeance this morning.