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Broad Dollar Strength After Powell Discusses Potential Pace Of Tightening

USD
  • "We're going to be guided by the data and the evolving outlook."
  • "We know that the economy is in a very different place than it was when we began raising rates in 2015... these differences are likely to have important implications for the appropriate pace of policy adjustments. Beyond that, we haven't made any decisions."
  • The greenback has caught a strong bid on these latest comments after a period of two-way price action following the statement release.
  • The dollar index (DXY) has risen to the best levels since January 6 around 96.40 and is in close proximity to the 2022 highs at 96.46.
  • EURUSD makes fresh year-to-date lows briefly printing below 1.1250. A bearish theme follows a failure to strengthen following recent bullish technical developments - a range breakout and breach of a bear channel resistance earlier this month. Further downside would expose 1.1222, the Dec 15 low.
  • More significant support comes in at 1186/85 - Low Nov 24 / Low Jul 1, 2020 and the bear trigger.
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