A number of Fed members made hawkish comments again yesterday. However, USD was unable to benefit properly. In the opinion of economists at Commerzbank, doubts surrounding the future path of the central bank are set to affect positioning.

The market does not believe the hawkish Fed comments

“The Fed’s recent comments are not having that much of an effect on the market, as it remains to be seen whether the data publications over the coming weeks might provide new insights and to what extent the Fed’s communication might then change.”

“It would seem that the Fed’s current comments cannot be taken at face value as they might change going forward. Against this background, market participants are likely to struggle to take a clear position.”