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- Volatility in USD majors was otherwise fairly subdued despite the risk-off sentiment in China. All eyes are on the Fed policy statement in 12 hours, as traders prepare to react to any hints on the prospects of a near-term QE taper. Several analysts have suggested that any USD selloff in the event of a less-hawkish than expected statement may be capped, since the Fed is still the closest major central bank to end its extraordinary easing policy. Note that the updated FOMC staff projections for economic growth and inflation, on tap for the 2pmET release on Wednesday, will offer particularly telling evidence on whether the Fed believes US economic progress is sufficiently self-sustaining.