On July 29, HSBC analyst Daragh Maher noted in a report that with the market having already priced in some rate hike expectations, the dollar could weaken if the Federal Reserve announces it will hold rates steady. He said that to curb the initial decline of the dollar, at least three Fed members would need to vote for a rate hike. He pointed out that if the Fed does raise rates, the initial gains are likely to far exceed the potential initial decline if rates are held steady. Maher stated: "A faster-than-expected rate hike would force the market to consider whether this is the first in a series of rate increases." In contrast, he believes that holding steady should not have a major impact on expectations for a rate hike in September. (Jin10)