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Dollar Returns to Post-Powell Lows

FOREX
  • The greenback is flagging ahead of the NY crossover Wednesday, slipping against most others in G10 as markets extend the reaction the appearance from Fed's Powell on Tuesday. Powell's comments continued to underline the Fed's apparent belief that inflation has peaked, and disinflationary trends will extend through the rest of 2023, however more tightening steps may be required to reinforce this backdrop.
  • NOK sits at the other end of the G10 table, stabilising after slipping sharply alongside the SEK over the past week or so. EUR/NOK remains within range of the 11.1535 cycle high, but the two-day pullback in the cross has allowed technically overbought conditions to unwind. Focus turns to this Friday's Norwegian CPI release, which should feed directly into the next round of Norges Bank projections in March.
  • GBP/USD also sits somewhat higher, stressing the importance of the 200-dma as support, which successfully contained last week's slip lower in the pair. The level crosses at 1.1948, with 1.2194 marking the next upside level.
  • Wednesday's not a busy session for data releases, which should keep focus on the busier speaker slate. 2023 FOMC voters Williams, Cook, Barr, Kashkari and Waller are all slated to make appearances, which should keep markets busy for the duration.
  • ECB's Knot appears at a webinar with MNI, while the Bank of Canada's first minutes release is also on the docket.
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