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Why was the US dollar sold-off? - Westpac

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Sean Callow, analyst at Westpac explained that markets were very volatile in New York, with equities and oil price swinging from sharp losses to steep gains.

    Key Quotes:

    "The US dollar fell heavily as key Fed official Dudley hinted rates would be on hold for longer and a US services survey hit a 2 year low. AUD/USD rose to 4 week highs above 0.7180. Today the Bank of England delivers its quarterly inflation report."

    "The US dollar started to weaken as NY Fed president Dudley told MNI continued tightening of financial conditions would weigh on the FOMC. The sharper move came about 10am NY when the Jan US non-manufacturing survey disappointed, falling from 55.8 to 53.5 (vs 55.1 expected), a low since Feb 2014. Pricing for a March move remains a low 12% but a hike is not fully priced until mid-2017."
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