US Federal Reserve's vice chairman Fischer out on the wires 1 July 2016
- will have better idea of conditions by July FOMC meeting
- we make our decisions one meeting at a time
- we've got to look over a longer horizon than a few months
- most of the data since May payrolls looking good
- hard to predict USD but Fed takes it into account
- Fed's primary goal is to do right for US economy
- expects US economy to continue on slow very gradual path we've been on
- Brexit probably less important for US than others
- Fed has no plans to move into negative territory
- will try to avoid ever getting to negative rates
Try to avoid? Hardly reassuring. What price US rate cut this month? Can definitely rule hikes out for a while still anyhow despite his view on data "looking good".
- much less uncertainty, concern, on Chinese yuan rate
- China more organized on FX policy
He's having a laugh right ?
USD still finding a few buyers with GBPUSD testing 1.3300, again. Keep selling those GBP rallies.
EURUSD also lower at 1.1130 after running into the offers/res I highlighted earlier
