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Hardy: Broader USD recovery needs a signal from the FOMC

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As the Federal Open Market Committee (FOMC) meets this Wednesday, Saxo's John Hardy expects it to keep options open for a rate hike in December. He believes the monetary policy statement will be more dollar supportive and could move AUDUSD lower while USDJPY higher.

The Bank of Japan meets on Friday and Hardy notes that its governor, Haruhiko Kuroda, likes to surprise the markets. Although he himself believes there is enough quantitative easing (QE) to cover fiscal deficits, Hardy warns that the BoJ could decide to increase its stimulus programme. He looks at key levels in USDJPY.

Finally, Hardy discusses how the Swedish central bank, the Riksbank, responds to the ECB's dovish statement last week.