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Hawkish Federal Reserve remarks buoy US dollarThe Federal Reserve’s "hawkish cut" last week seems to have taken markets by surprise.
The euro found strong resistance around the 1.20 level versus the dollar yesterday, ending the session lower after the release of Tuesday’s weak Euro Area inflation data. Sterling traded mostly in lockstep ahead of today’s speech from BoE governor Bailey.
The dollar continued to sell-off last week after the Federal Reserve took another dovish shift. Sterling was one of the main beneficiaries, rising to a two-year high versus the greenback.
The Federal Reserve unveiled a historic shift in its monetary policy strategy on Thursday. But what does this announcement mean for US interest rates and the FX market?
All eyes in the FX market today will be on Fed chair Jerome Powell, who will be speaking at the annual Jackson Hole conference of central bankers.
The euro gave up some of its recent gains last week after a soft set of PMI data suggested business owners in the bloc were growing increasingly concerned about the rise in virus cases in Europe.
The euro gave up some of its recent gains last week after a soft set of PMI data suggested business owners in the bloc were growing increasingly concerned about the rise in virus cases in Europe.
The latest UK retail sales and PMI data out this morning provided further evidence that Britain’s economy may be enjoying a ‘V-shaped’ recovery. US jobless claims unexpectedly increased, while the euro fell after disappointing PMI numbers of its own.
The dollar roared back against its major peers on Wednesday, posting its best daily performance since early-June following the release of the FOMC’s meeting minutes. Investors now turn their attention to the ECB’s meeting accounts out later today.
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The euro has risen to its strongest position since May 2018, while the pound has rallied to a post-general election high versus a broadly weaker US dollar this week. Investors now turn their attention to tonight’s FOMC meeting minutes.
