0841 GMT [Dow Jones] Sell USD beyond 'sell the rumor, buy the fact'
says BNP Paribas ahead of the Fed meeting later. "The FOMC is unlikely
to announce any policy changes today," says BNPP. "However, the
weakness in the recent economic data would suggest that the Fed may be
inclined to use strong language hinting at QE3 and laying the
groundwork for a move at their September meeting." This could give the
dollar a temporary lift against the euro, BNP says. "However, any
correction should prove limited and offer [EUR/USD] buying
opportunities," it says. EUR/USD trades at 1.2319.
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(END) Dow Jones Newswires
August 01, 2012 04:41 ET (08:41 GMT)
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