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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.
Limited Fed-driven dollar upside suggests dollar-denominated feed commodity prices may not get strong support from policy. Emerging market currencies may benefit, which could affect import demand for feed.
在过去 359 次中性的宏观事件之后,美元(广义) 在 5 个交易日内中位数变动 -0.0%(49% 上涨;中间一半区间为 -0.4% 至 +0.4%),20 个交易日内为 -0.1%。
各商品基准价相对事件前最后收盘价的变动。历史数据汇总同类过往事件;仅描述已发生的情况,不代表未来走势。不构成投资建议。