We are closing out this week with positive momentum building for the US dollar. The Fed rate hike this week was expected and US yields jumped heading into the decision, so the post-FOMC move higher in rates has been more modest. We see scope for further dollar gains over the near-term. The BoJ hiked today but failed to meet lofty hawkish expectations expected by the markets while the BoE yesterday surprised the markets by announcing an overhaul to its QT plans that means less supply into the market of longer-dated Gilts. A Scott Bessent-style rejigging of supply plans that saw longer-dated yields fall sharply. The action was intended to alleviate upward pressure on yields which could weigh on pound performance over the short-term.
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