USD suffering again as markets take a risk positive view of the Fed’s historic shift

In the build up to Fed chair Powell’s speech, the chatter was whether the Fed would meet the market’s dovish expectations. Reaction in the wake of the announcement was one of uncertainty, with significant swings across major forex. However, coming into today’s session there is a sense of risk positive and dollar negative forces playing out. The crux of Powell’s speech is that the Fed will be on hold with ultra-loose monetary policy for some time to come. In shifting to an average inflation targeting system, the FOMC will allow inflation to rise above 2% “for some time” to counter periods where inflation … (full story)

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