Stephen Innes, senior trader at OANDA, said the focus would now be on a speech by Federal Reserve boss Janet Yellen on Friday, which would be pored over for clues about the bank’s outlook for its next interest rate hike.
With Trump’s promises of big spending and tax cuts expected to fuel inflation, bets are on the Fed to hike rates at least three times this year, after December’s increase.
“Given the markets focus on all things Feds, we could be in for bustling (Asia-Pacific) session at the end of the week,” he said.
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