ING strategist Francesco Pesole said in a note that after an interim US‑Iran
peace deal the Fed decision could test the USD's resilience to falling oil
prices. Even if the Fed holds rates unchanged on Wednesday, markets will seek
confirmation that policymakers—especially new Fed chair KEVIN WARSH—remain open
to further hikes. If Warsh or the broader FOMC signals a stance materially at
odds with market expectations, the USD would face heavy selling; Pesole added
that removing an easing bias should be sufficient to support the currency.
