FX markets not positioned for Fed hike
Investors are still sceptical of Fed action, and participants are looking at commodity currencies for better opportunities
The foreign exchange market is short dollars, and is not positioned for a benchmark interest rate hike by the US Federal Reserve, said Steve Saywell, global head of FX strategy at BNP Paribas during a press briefing on September 22.
"Had we received a surprise hike yesterday, we think there would have been a dramatic increase in the dollar," Saywell said. "The market has effectively had 18 months of disappointment with chasing the dollar higher, and has effectively reduced dollar positioning for
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