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  • The US is in focus over the coming days with Fed Chair Jerome Powell set to testify in front of the Senate Banking Committee, while September US PCE data and two gauges of US manufacturing activity are due. Get your market update from @CVecchioFX here:https://t.co/9RpmQxXXAw https://t.co/Uup86TPbJm
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  • Fed's Williams: - Optimistic that the economy will allow an "imminent" taper - Elevated levels of uncertainty make forecasting difficult
Will a Hawkish FOMC Rekindle Panic Across Financial Markets?

Will a Hawkish FOMC Rekindle Panic Across Financial Markets?

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Hawkish FOMC may boost US Dollar, fuel risk aversion
  • UK 4Q GDP data to inform 2016 BOE rate hike probability
  • Aussie Dollar view clouded on clashing cues before CPI

The US Dollar may rise while risk aversion returns to punish higher-yielding currencies if this week's FOMC policy announcement strikes a hawkish tone, hinting recent volatility will not derail policymakers' rate hike plans.

Fourth-quarter UK GDP data will help traders gauge the possibility of a 2016 interest rate hike following hawkish comments from BOE Governor Mark Carney over the weekend.

Conflicting cues ahead of the fourth-quater Australian CPI data cloud investors' outlook. A soft print is likely to amplify RBA interest rate cut probabilities and hurt the Aussie Dollar while a firm outcome stands to deliver the opposite result.

--- Created by Ilya Spivak, Currency Strategist for DailyFX.com

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