Forex Today: Dollar bulls welcome hawkish Powell, volatility to stay – by MSalordFX Fed DollarIndex Currencies AUDUSD
ederal Reserve Chair Jerome Powell spoke
about the possibility of largest interest rate hikes given the latest round of US economic data have come in stronger than expected and warned that inflationary pressures are higher than anticipated. His comments increased expectations of a 50 basis points rate hike at the March meeting. Wall Street tumbled and the US Dollar jumped. The DXY hit its highest level since December, rising above 105.50.
The US Dollar heads into the Asian session still with impulse, despite overbought readings. It appears to be looking for a new equilibrium, but the rally is exposed to the incoming US data, which includes the ADP private sector employment report on Wednesday and Nonfarm payrolls on Friday. Those events could add volatility across financial markets. Powell will testify again before the US Congress.. Major US indexes dropped around 1.50%, the VIX soared by more than 4%.
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