May FX Consensus Forecast
May FX Consensus Forecast
1 minute readThe month ahead will be marked with a flurry of crucial economic data releases and interest rate decisions that have the potential to make a significant wave across financial markets. Headlining the busy economic calendar will be the May 3rd interest rate decision from the Federal Reserve, which could set the tone for the rest of the month as markets price in another 25bps hike.
Barring a shocking Fed decision that is out of line with market expectations, any market moves in the aftermath of the announcement are likely to be driven by any potential changes to forward guidance – whether it be in their published Monetary Policy Statement that accompanies the rate decision or in the preceding press conference with Fed chair Jerome Powell.
The Fed could also have its presence felt towards the end of May when the Federal Open Market Committee (FOMC) minutes will be released, providing insight into the Fed's current thinking on monetary policy.
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