USD continues to be well bid after Powell stopped short of hinting that US interest rates have peaked. What does Powell’s comments mean for EUR/USD, GBP/USD, and AUD/USD?
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Powell acknowledged the impact of tightening of financial conditions but stopped short of closing the possibility of further tightening given the strength of the economy and tight labor markets. However, Powell echoed the remarks of some of his colleagues saying the rise in yields “at the margin” might lessen the need for additional hikes. On balance, it appears that Powell’s tone was a touch dovish, though the central bank isn’t prepared to close the door yet on further tightening.
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