David Song, Currency Analyst at DailyFX, Comments on USD and FOMC
"Although the Federal Open Market Committee preserved its current policy in March, the central bank sounded more upbeat this time around amid the recent pickup in job growth along with the budding recovery in the housing market. As the FOMC holds an improved outlook for the labor market, it seems as though the central bank will slowly move away from its easing cycle throughout 2013, and the Fed remains poised to switch gears later this year as the world's largest economy gets on a more sustainable path. As U.S. Existing Home sales are expected to increase another 1.6% in February, a positive development should carry the dollar higher over the remainder of the week, and we may see a growing number of central bank officials adopt a more neutral to hawkish tone for monetary policy as the recovery gradually gathers pace."
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