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Flash: Stay long USD, avoid it when positioning in other currencies – Merrill Lynch Bank of America

FXstreet.com (London) - Tomos Rhys Edward, BofA Merrill Lynch Global Research said that the Fed message this week was to follow the data.

He added that although the Fed clarified that it was not about to change its policy, acknowledgment that such a change was on the table if data continued improving, in a market that is bullish on the US, has been USD positive.

Further he said, markets might have also gotten more concerned about an early Fed exit, taking some risk off. He expects the Fed to scale back its accommodation and, even more, exit from unconventional policies only when data have improved to such an extent that the policy change will not be a negative market shock. Hence, the Fed needs more data to confirm a sustainable recovery, in particular because of concerns that the sequester may affect the economy with a lag.

Flash: The trade surplus fell - TD Securities

Research teams noted that the trade surplus fell.
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EUR/CHF wanes towards 1.2500 barrier

The EUR/CHF recently fell off the 1.2530 handle to move back towards the 1.2500 barrier during European trading Friday.
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