The Global Strategy Team at TD Securities provides an overview of the recent market dynamics affecting the USD. The report highlights a calm day for Treasuries, with rates finding support, and notes the upcoming FOMC meeting where the Fed is expected to remain on hold. Additionally, the report discusses the impact of political developments on the USD and market sentiment.

Calm Treasuries and upcoming FOMC meeting

“There was little key data to speak of: S&P Composite PMI for January ticked up to 52.8 from 52.7, while the University of Michigan index was revised higher to 56.4 from 54.0 with both the current condition and expectations components moving higher.”

“The upcoming week’s highlight will be the FOMC meeting on Wednesday. We are looking for a relatively uneventful meeting, where the Fed will remain on hold as is widely expected and priced in.”

“To start the week we’ve seen the USD hit a 4-month low, while JPY has gained on intervention risks, with talk of coordinated rate checks from the Fed and BoJ.”

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