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Lucas: How to trade USD ahead of FOMC

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Will the Fed remove the word 'patience' from its official statement this week? If it does, analysts will see this as a move to raise rates much sooner says Steve Lucas from 3C Analysis. He expects the word to be ditched but with a caveat put in place allowing the Fed more flexibility.

Lucas thinks the dollar will strengthen, although he also believes it's overstretched. USDJPY has gone through a 25 year yearly bear trend and he has cut back his long position. Steve is also short of AUDUSD because Australia has bee cutting rates. He also believes New Zealand will cut rates and expects NZDUSD to move lower. He gives the levels at which he will sell the Kiwi.