Forex Today: Focus shifts to BOE and ECB as post-Fed US Dollar weakness continues – by eren_fxstreet Currencies Majors CentralBanks Macroeconomics Commodities
stays on the back foot and trades at its lowest level in nearly 10 months at around 101.00 following Wednesday's sharp decline that was triggered by FOMC Chairman Jerome Powell's dovish remarks. The Bank of England and the European Central Bank will announce the policy decisions on Thursday. BOE Governor Andrew Bailey and ECB President Christine Lagarde will comment on the policy outlook and respond to questions from the press after the publication of official statements.
Powell, once again, tried to convince markets that there will not be a rate cut in 2023 but acknowledged that the disinflationary process has started. The Chairman also said that if inflation comes down faster than expected, that would play into policy. In turn, Wall Street's main indexes gained traction, the benchmark 10-year US Treasury bond yield declined sharply and the US Dollar suffered large losses.registered impressive gains and climbed above 1.
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