We’re already seeing the dollar rampant again as it breaks up to 108.37, so this is not the time to get in the way.
My take is that it was a hawkish statement/presser. The increase in members joining the rate path = bullish, the printing of the exit plan = bullish, the Fed getting ready for the possibility of acting earlier = bullish. But (and it’s a big “but”), it’s really only giving the market what it’s been expecting anyway so I’ll be wary about how much higher we can go from here. We may still etch out further gains, but like we saw in the pound over BOE expectations, the market will have nothing more to be expectant about. Rate rises are coming and there’s nothing to signal they won’t come when expected.
I reckon the market is still making its mind up as everyone pours over every phrase and sentence but I think we see USD/JPY hit a period of consolidation and reacting normally on fundamental data.
And apologies for not getting around to anyone in the comments.
