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2026-02-19 16:46:57
[Fed Minutes Confirm "Exchange Rate Inquiry," ING: Dollar Weakening Aligns with Washington's Inclination] ⑴ ING's foreign exchange strategist, Turner, released a report on Wednesday stating that the newly released Federal Reserve meeting minutes further confirm the Trump administration's view that it does not mind a weaker dollar. The minutes show that the New York Fed, on behalf of the US Treasury, inquired about the dollar-yen exchange rate last month. ⑵ Turner points out that this move reflects a shared desire in the US and Japan not to allow the dollar to continue appreciating above 160 yen. The exchange rate inquiry itself is a policy communication signal. ⑶ Against this backdrop, the divergence between the Fed's rate cut expectations and the Bank of Japan's rate hike prospects will jointly put pressure on the dollar. Turner believes that asset management companies should be very interested in selling dollars in the 156-158 yen range. ⑷ As of press time, the dollar-yen exchange rate was basically unchanged at 154.81. The release of the Fed minutes provides new clues for the market to understand Washington's attitude towards exchange rates, and the tendency for a weaker dollar may have a lasting impact on major currency pairs.
