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FX Majors summary ahead of the Fed
The expectations from the last Fed meeting were met and priced-in, but what about the minutes from that meeting for forward guidance? Will we see a clear sign of an end of the (mini) rate cut cycle from the Fed minutes, or mixed messaging? I would say that we hear a mixed & balanced narrative suggesting that the Fed cut could be the last for now, as a side-step into a data-dependant mode comment many be thrown in too. FX majors: • USD at the point of a big move • USD/JPY becomes a very sharp risk yardstick from (108.50) • USD/CAD continues to price in a risk-off bias, moving higher (1.3180) • GBP/USD ... (full story)