The below is the eFX summary of a note via Nomura on the Fed and US dollarFor bank trade ideas, check out eFX Plus. For a limited time, get a 7 day free trial, basic for $79 per month and premium at $109 per month. Get it here.--Synopsis: Nomura expects a 25 basis point rate cut by the FOMC to initially strengthen the USD but predicts that the USD may weaken during Fed Chair Powell's press conference. A larger cut of 50 basis points could lead to more significant USD weakness. The firm has also downgraded its USD/JPY forecast and recommends selling USD/JPY and major yen-crosses if there is a rebound. Key Points: 1. Initial Reaction to Rate Cut: • 25 Basis Points: A 25bp rate cut is antici
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