How hawkish is the FOMC? This will be the main thought this week. Obviously, we have to deal with the war in Ukraine and all of the news headlines that will keep coming across the wires, plus there is a growing worry around supply disruptions caused by continued covid infections globally. But the economic calendar is relatively quiet bar the FOMC and RBA meeting minutes. The RBA could shock the market with a rate hike. (though it is very unlikely). The US dollar is likely to gain strength if there is mention of multiple 50bps rate hike expectations and a faster reduction in balance sheet discussions at the last FOMC meeting. Momentum is likely to keep current trends moving or ranges developing.
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