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Dollar Up, But Away From Post Powell Highs

FOREX

USD indices are holding higher, albeit way from best levels at this stage. The BBDXY was last near 1242 (+0.15%). Earlier highs in the index were at 1243.45 as headlines from Fed Chair Powell's interview on 60 Minutes crossed.

  • The tone from interview appeared similar to last week's FOMC press conference, around a March rate cut as being unlikely and caution around easing policy too soon. Still the transcript points to plenty of discussion around easing. BBG headlines crossed that the CBS reporter stated that mid year was the most likely window for a cut, although this didn't appear in the transcript.
  • US TSY futures broke lower on the headlines but have stabilized as the afternoon session progressed. US yields were last 2-5.5bps higher, led by the front end.
  • USD/JPY got to 148.82 earlier, fresh highs for the year, but we now sit back at 148.35/10 little changed for the session.
  • NZD/USD is marginally higher, off intraday and new yearly lows of 0.6050. The pair last at 0.6070. Data releases in NZ and Australia haven't impacted sentiment today.
  • AUD/USD is marginally underperforming, last near 0.6505/10, with earlier lows at 0.6486.
  • EUR/USD sits down slightly, last near 1.0780 (earlier lows were at 1.0767).
  • Looking ahead, we have the US non-manufacturing ISM index along with speak from the Fed's Bostic. The BoE's Pill is also scheduled to speak.
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