​The Trump administration has not yet formally deployed the long-awaited latest $200 billion in tariffs against China, but a new Wall Street Journal report indicates that Japan might be next on the agenda.
Squawk / 03 January 2018 at 19:29 GMT
Head of FX Strategy / Saxo Bank
FOMC MInutes: a bit of a focus in these minutes on the hawks' more pronounced concern on financial stability risks after Yellen virtually completely dismissed any concern of this nature at the press conference. Despite the Fed taper and several rate hikes, financial conditions haven't been this easy since 2000, according to the Goldman Sachs Financial Conditions Index.

Let us also recall that that the GDP growth trajectory was upgraded in the December FOMC meeting accompanying materials, even if the inflation outlook was not materially altered. In any case, these minutes are providing a very modest boost to the USD that may or may not sustain for a session or so as any surprise or lack thereof at this Friday's US payrolls and earnings data for December will carry more weight.

For perspective on the reaction in US interest rates, consider that the December 2018 Eurodollar STIR is 3 ticks (bps) off the day's high and 1.5 ticks below yesterday's close. A bit of a yawn.


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail