EURUSD plunges 150 pips from weekly highs on Powell’s hawkish remarks after Fed rate hike – by christianborjon EURUSD Majors CentralBanks Fed ECB
hich the EURUSD rallied and hit a fresh weekly high at 0.9975. However, Jerome Powell, the Chairman of the Federal Reserve, turned hawkish, sending the markets into turmoil, while the safe-haven USD pared its earlier losses. At the time of writing, the EURUSD is trading at 0.9814, at fresh weekly lows, as the Asian session begins.
statement was slightly dovish, as shown by the EURUSD bouncing from around 0.9860 toward its weekly highs, on a sentence that mentioned: “High inflation and a tight labor market in the United States will deter a Fed pivot Regarding that, in its monetary policy statement, the Federal Reserve Open Market Committee noted that ongoing increases will be needed to a restrictive level to bring inflation to the 2% goal. Meanwhile, for the Federal Reserve’s December meeting, money market futures expect a 50 basis points move to the Federal funds rate , peaking by the end of the year at 4.25-4.50%Therefore, the Euro might be under pressure due to interest-rate differentials between the Fed and.
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