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FOMC: buy rumour sell the fact - BBH

FXStreet (Guatemala) - Analysts at BBH explained that the US dollar is trading heavily today, but the losses are not particularly steep against either the majors or the emerging market currencies.

Key Quotes:

"A common narrative is attributing the dollar's pullback to "dovish minutes," but we do not think that this is a fair assessment. Instead, it seems that a typical “buy the rumor, sell the fact” reaction offers a more robust explanation.

The FOMC minutes did not contain any surprises, and it does not appear anyone's views really changed. The December Fed funds futures finished yesterday unchanged for the ninth consecutive session.

Indeed, the fear that the labor market may have lost some momentum has been allayed by the October jobs report. Of course, given the various forces at work, the Fed did not commit to a hike in December, but the burden has shifted. Barring an unanticipated shock, the hike in December remains the most likely scenario."

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