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Fed officials keep USD on star track - BNPP

FXStreet (Delhi) – Research Team at BNP Paribas, notes that speaking to the Washington Economic Club, Fed Chair Yellen was fairly upbeat on the condition of the economy.

Key Quotes

“While she stressed that the rate hike cycle would be characterized by gradualism, she also noted risks associated with waiting too long to begin rate hikes, sentiments echoed by San Francisco Fed President Williams in his own comments.”

“Fed Chair Yellen will testify to the Joint Economic Committee of Congress today, though at this stage there is likely a limit to how much more we can learn about the Fed outlook from FOMC speakers given clear signals that a December tightening is likely and their reluctance to be too specific on the outlook for tightening beyond that.”

“On the data front, we expect today’s non-manufacturing ISM to again highlight the decoupling between the services and manufacturing sectors of the US economy, with the index expected to remain elevated at 57.5, keeping the gap between the manufacturing and non-manufacturing measures near the historically wide 9 points reached in November.”

“A solid reading on the employment component of the report, coupled with the elevated level reported for ADP, would further reduce perceived risks of a large downside surprise on Friday’s US jobs release.”

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