Forex Today: Hawkish Powell lifts US Dollar to multi-month highs ahead of US data – by eren_fxstreet Currencies Majors Technical Analysis Commodities
While testifying before the US Senate on Tuesday, FOMC Chairman Jerome Powell opened the door wide open to a 50 basis points rate hike at the next meeting. Powell noted that they are prepared to increase the pace of rate hikes if data warranted it and triggered a rally in the US Dollar with the reaching its highest level since early November near 106.00.
President Christine Lagarde is scheduled to speak later in the session but she is not expected to touch on the policy or the economic outlook.broke below 1.2000 with the initial reaction to Powell's statement and triggered a heavy technical selloff. The pair extended its slide toward in the second half of the day on Wednesday and touched its weakest level since late November. At the time of press, GBP/USD was fluctuating in a tight range at around 1.1820.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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