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December 16, 2020
Daily FX Market Roundup December 16, 2020
The Federal Reserve’s monetary policy announced failed to stem the dollar’s slide. The greenback traded lower against most of the major currencies with the only exceptions being the Canadian dollar and Swiss Franc, which rallied on the back of short covering. On balance, the outcome of the FOMC meeting was less dovish. The central bank left interest rates unchanged, dialed up their expectations for growth and put some specific numbers around their Treasury and mortgage backed securities purchases. They didn’t extend the maturity of asset purchases which was widely anticipated and the decision to be less aggressive is supported by Fed Chairman Powell’s view that the economy should perform strongly in the second half of 2021 thanks to the vaccine. The greenback jumped in response but the rally lost its sizzle when he made it clear that they will continue buying bonds until there is substantial progress made on their goals. They will also give ample warning before tapering bond purchases and if needed, have the flexibility to provide more accommodation. The main takeaway is that while the Fed has been swayed by vaccine optimism, it will be a long time before they act on those views and start to unwind stimulus – hence the continuation of dollar weakness.

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