Fed’s pre-set course is a bore for the $ but music to the ears of EM FX - ING

ING analyst Viraj Patel says Fed policy will be a negligible driver of the USD in 2018, as the January FOMC minutes show a muddle-through path. Markets already price about 60bp of tightening for 2018.

Patel says only a major regime shift, such as hawkish or dovish Fed governor appointments, would change that view.