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Bearish USD/JPY Series Takes Shape Despite Hawkish Fed Rhetoric
The recent rebound in USD/JPY quickly sputters even as Federal Reserve officials strike a hawkish outlook for monetary policy, and the pair may continue to give back the advance from the 2018-low (104.63) as it carves a fresh series of lower highs and lows. Incoming New York Fed President John Williams floated the idea of extending the hiking-cycle as the 2018-voting member on the Federal Open Market Committee (FOMC) warns that ‘it would not be too surprising in that situation to have interest rates somewhat above the long-run neutral rate,’ but market participants remain unconvinced, with Fed Fund Futures still ... (full story)