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Analysts at TD Securities suggest that the FOMC is widely expected to leave rates unchanged in August and they do not expect any material changes in the policy statement, with only a mark-to-market update to reflect recent pickups to growth and inflation.

Key Quotes

“We do not expect any dissents for a rate hike or changes to the balance of risks.”

“ISM Manufacturing will provide the highlight for economic data and TD looks for the index to edge lower to 59.6 from 60.2, a more modest decline than the market consensus for 59.3.”

“ADP Employment for June (market: 186k) and motor vehicle sales for July (market: 17.05m units) round out the event calendar.”