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Strategies & Market Trends : Bonds, Currencies, Commodities and Index Futures

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To: Chip McVickar who started this subject	12/10/2001 5:31:08 AM
From: friverola	Read Replies (1) of 12411

Dollar well supported ahead of FOMC (FXstreet.com) The dollar was well supported in early London trade ahead of tomorrow's FOMC meeting where the market expects a 25 basis point rate reduction, dealers said. With little on the data front today, trading is likely to continue on trends seen last week, they added. The Federal Reserve, still unsure whether the U.S. economy has started to pull out of recession, is widely expected to shave another quarter percentage point off key interest rates this week and drop them to levels not seen since the 1950s. The U.S. central bank's policy-setting Federal Open Market Committee (FOMC) meets on Tuesday to consider the final rate cut of a difficult year that saw the end of a 10-year economic expansion and beginning of a recession in March. The Fed has already cut rates 10 times this year, to a 40- year low of 2%. 46 of the 58 economists surveyed by Bloomberg News expect the Fed to lower rates by at least 25 basis points tomorrow. The 24 leading government bond dealers on Wall Street unanimously predict the FOMC will lower the benchmark federal funds rate on overnight bank lending by a quarter point, to 1.75%, according to a Reuters poll conducted Friday... fxstreet.com

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